My thesis right now is that we’re going to begin a new advance to the upside on $ES (and the other indices).
An Elliott Wave channeling technique supports this view. If we construct a channel from the proposed waves 1, 2, and 3 (the orange circles pointed to by the green arrows), then the 4th wave of that degree should ideally challenge the channel (red arrow), and that’s exactly what we’ve done.
An advance to ~4900 (in 5 waves of its own) is on the cards, in my opinion.
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