The ES is building some type of wedge structure, on Monday it looked to be a 4th wave which possibly only needed one more stab down to be completed. On Tuesday Voila!! the ES stabbed down and possibly put in the last move of the correction:
To be correct this count requires the ES to rally up and away from Tuesday's low in a 5th wave impulse, which it still may do. However, the pattern since Tuesday's low has been a continuation of the meandering seen recently with lot's of short term 3 wave moves. So it's possible that the 4th wave is not yet complete. It could be that the wedge is actually wave "b" of a zig-zag with wave "c" just starting:
Either way the ES should be breaking out of it's sleep walk very soon. Which will be a relief.
