Some $ES Bear Count Squiggle Guessing

Some ambiguity remains on $ES.

  1. If one places minor (green) 1 where I have, then one would view the price action after it as a flat, which should end in 5 waves, which it has (that’s the minute [blue] “c,” the last leg of the flat for minor [green] 2).
  2. If one places intermediate (orange) 4 where I have minute (blue) “b” right next to it, one would see an impulsive rally after it and would assume the lows are in.
  3. This is why taking out yesterday’s low is so essential as it will remove uncertainty. Personally, I think it will, given the risk signals.

I have guessed at some additional counts. I can see us stair-stepping our way down for a bit before getting to that minute (blue) 2. Bears will also like to see this channel broken sharply to the downside in a third wave at some point.

ES


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