Most likely Elliott count in the ES is that a Minor Wave 4 (red) triangle is in progress, with the first three legs complete and the "d" leg currently being traced. Minute "d" (green) should top in the ES 1275 - 1277 area and be followed by a final stab down for Minute "e". After that we should finally be into Minor W5.
The best alternative count here is that the rally last Wed and Thur was itself the extent of Minor W5 (it's labeled Minute W "b" in the above chart). This is definitely possible. However, that rally was more a 3 wave move than a 5, and the downside action that ensued was choppy and overlapping, so this alternate has a low probability.
A final alternate is that Minor W4 was done at last Wednesday's low and the ES is tracing out an ending diagonal Minor W5 with the first two legs complete and the 3rd in progress. Under this alternate Minor W5 doesn't have much longer to go in terms of either time or distance.
Al. What's up with silver & gold?
ReplyDeleteI believe it's a correction to a longer term downtrend - gold in particular got hit pretty hard last week
ReplyDeleteI like the wave 4 triangle count. It might have finished today.
ReplyDeleteActually looks more like a flat Minor W4, Minor W5 now in progress
ReplyDelete