The ES/SPX was locked in a trading range last week. Profitable little roller coaster if you caught the turns. The current short term EW count shows the pattern last week to be an ending diagonal with the last leg of that diagonal in progress. And that structure is the last move in a wave of higher degree that is itself a 5th wave. If correct then prices should roll over by the end of day Monday.
The big question is what will be the extent of the next correction. The current long term alternates charted below offer a wide range of possibilities. At this point it's difficult to say which is more likely, except that the 1st alternate can be viewed to be the most unlikely barring a black swan event in the next few days.
Alternate #1
Alternate #2
Alternate #3
