The ending diagonal EW count is still the favored viewpoint for the ES/SPX on this site. The view of this count is presented as Alternate 1 below. However, there is another way to develop an ending diagonal count that is presented as Alternate 2 below. The primary difference between the two is that Alternate 2 sees a conclusion to the formation in very short order - sometime in the next two weeks to be specific. Alternate 2 arose as a result of trying to fit the preferred ES count to the NYSE. It doesn't work because wave 3 winds up being the shortest wave in the sequence, and that's a no-no under EW rules.
Alternate 1 has the ES grinding out new highs into a top sometime in early spring. Under this view the ES is in Micro W3 of Minute W3 of the last leg of the ED, so there needs to be a Micro W4 & W5 followed by a Minute W4 & W5 before the final top.
ALTERNATE 1
Long term - Daily bars
Short term - Hourly bars
Alternate 2 shows the ES to be in Micro W5 of Minute W5 of the last leg of the ED, so as mentioned earlier a major top is very close if this viewpoint is correct. 1505.00 is a possible target area for that top.
ALTERNATE 2
Long term - Daily bars
Short term - Hourly bars
