Some ambiguity remains on $ES.
- 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).
- 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.
- 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.
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