A Couple of Ways We May Count $ES

We got a nice channel breach, lending great credibility to this wave as a 3rd. Lots of ways to count this, here are two.

Option #!: More bearish nest.

On this count, whenever we find a real bottom, we bounce somewhat sharply in three waves for minute (blue) 2, perhaps revisiting that trend line before having an even deeper selloff beyond what we’ve seen so far.

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Option #2: Less bearish no nest.

On this count, when we bottom, we are finishing the green (minor) 3 and will have a lethargic, sideways consolidation for minor (green) 4 before having another decent selloff, perhaps as deep in price as minor (green) 1 was before we see a sharp rally for intermediate (orange) 2 after we complete the minor (green) count that finishes off the bottom of this chart.

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Hopefully the “look” of the structure will give us clues as to the wave degree we’re in, which is so often difficult to do in the early stages of a big selloff.


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