A Way to Answer the “Is $ES a Nest?” Question

Earlier I said that I am inclined to count $ES as a 1-2 and raised the question of what to do with the greater structure. I still favor the 1-2 count here, despite us falling below the orange box in that post. Oil remains green on the day, Bitcoin is weak but not that weak (not crashy), and Apple’s structure looks almost certainly corrective in nature (and not impulsive to the downside). We may count the structure on the S&P like this, counting it all as a single wave, with minute (blue) two being an expanded flat (and by using a flat, the orange target box for 2 can sit a little lower):


This should yield that same target as before, well into the 4800s.

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