The rally action in the ES of last week has put two of the alternates presented in last weekend's update into jeopardy. This is because in order for those alternates to be valid then the action since the Mar 7 high has to be counted as a series of two nested waves 1 & 2 down as per the above chart. The problem is that the second wave 1 & 2 pair is much larger in terms of price and time then the first. That's possible I suppose but not likely.
Alternate #1
Alternate #2
Which leaves the alternate wherein Major W4 is considered complete at the Feb 5 low of 1732.00 and Major W5 in progress and extending. In that alternate Intermediate W1 of Major W5 is done at the 1887.50 top of Mar 7 with the Intermediate W2 either complete at the Mar 16 low of 1823.50 as in Alternate #1 or with one leg remaining to trace out as in Alternate #2. Either way the intermediate term prospects are for new all time highs to be established in coming weeks.
