Two Ways I Can Count $ES Here; 4693 Eliminates One of Them

Still in line with yesterday’s thought (here), I continue to be inclined to count $ES impulsively here.

My preferred way is something like this, where we’re simply subdividing on our way up, in which case we should continue to drift up and to the right over the holiday.

ES

That said, from the 12/20 low, we have three distinct highs, which equates to at least one 5-wave move up. And if that is all one single wave completing soon, we should see a retracement for minuette (orange) 2. This as an impulse wave doesn’t break any rules, but it “looks” odd because red 3 is so short. But, that gives us an aid: since 3 can’t be the shortest, red 5 can’t be longer than red 3 and so that puts a hard cap on how long red 5 can be, and that comes in at 4693.

In other words: we go one cent above that and we can eliminate this second count altogether and expect the “up and to the right” drift above.

ES


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