$ES Alt Bullish Count

An alternative count is to count this as one single structure, as a leading diagonal. This would help to alleviate the 3-wave problem discussed earlier (as diagonals are composed entirely of corrective waves). If this is a leading diagonal, keep in mind that they can retrace deeply (though I’ve marked the 50-61.8% which is also possible).

Just about everyone so far as I can see has been expecting to sell this and are being rewarded for that. I continue to have fairly strong doubts about that and think this may very well go in the other direction eventually (though I could be wrong about that of course).

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