One Minor Additional Point RE: $ES

The analysis from earlier remains my favored one. But I do want to add one observation. I still do expect (at least) another leg lower to complete minor (blue) 4. The orange box puts it at a relationship of 1:1 between c and a, but it can go lower and reach the 1.618, the 2, anything it would like to. 1.618 or 2 would bring minute (blue) 4 closer in line with a typical wave 4 retracement in price (retracing 23.6 or 38.2% of minute [blue] 3). The orange box is conservative.

But, I want to add: note where the little spiky high reached before the close (the green arrow). The fact that it did so means that structure still has some relevance. And what is that structure?

That’s the broadening formation trend line (here). If that is in play, then these “B-waves” (red and orange) are probably actually twos, giving us a nest of ones and twos. If so, things should become unmistakable quickly.


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