Our 7649 target corresponds to the 772.25 target given for the E-Mini S&P. However, there is none equivalent to ES 766.50, since no true A-B impulse leg was created.(See chart: the would-be ‘B’ did not exceed the 10/10 low). If the futures were to close for two consecutive days below 7649, though, they’d become an odds-on bet to continue down to at least 7224.