$ES is forming an inverse head and shoulders pattern. A successful right shoulder formation and neckline recapture targets 4600:
In line with the broader thought on $BTC posted yesterday (here), this local structure continues to count well as a 3-wave move. Parity between the two impulse legs (orange “a” and “c”) occurs right where we’re at now, so this would be compatible with a somewhat significant low being put in, if it wants to here.
There are other fib relationships that wave c can have with wave a, but this is the most ideal, the most “pretty.”
Here is how I am inclined to count the Dow futures ($YM). The target for the expected minuette (orange) 3 is the target box, but given the look of the structure from here, it may extend to either of the two other targets above the box as well.
If I see another triangle in my lifetime I am going to hang myself.
A successful recapture of the neckline of this inverse head and shoulders pattern on $OIL targets about $72.