Looks like a ST low was established on Thursday in the ES/SPX. The preferred count has the ES in Minute W4 of the election day rally. Minute W2 in the preferred count is a simple zig-zag, so the EW rule of alternation would indicate a flat, triangle or complex zig-zag for Minute W4. The drop from the ES 2401.00 high is a simple zig-zag, so the expectation is that the Thursday low marks wave "a" of Minute W4 with more corrective activity yet to occur before Minute W4 wraps up.
Preferred count
If Thursday's low eventually proves to mark the entirety of Minute W4 then an alternate IT count for the rally off the election day low comes into play. The alternate count does not imply any really significant variation from the preferred count - it primarily changes the target for the potential top of Minor W3.
Alternate Count
