There are two possibilities here. First is a continuation of the idea presented yesterday, which is that Minute Wave 3 (green) ended with the highs of Oct 14 - 15 and we are currently in Minute Wave 4. Since Minute 2 was a zig zag, Minute 4 should be either a triangle or flat. With the run up of last night and today the triangle is off the table, so that leaves the possibility of a flat.
Gold Alternate 1
The other possibility is that Minute Wave 3 is extending. In this case the low of Oct 22 would mark the end of a zig zig Micro Wave 2 and we are now in Micro Wave 3.
Gold Alternate 2
The ES has also been quite difficult of late, but I believe the picture is beginning to clarify with today's rally. If the below count is correct, we are in the 3rd of a 3rd of a 3rd of Minor Wave 5 (red). Target right now is in the ES 1220 area.
