The updated chart of the diagonal is below. Because it was validated today by trading below the low of wave (iv), a diagonal has, in fact, completed correctly.
|ES 2-hr Futures - Diagonal Validated|
|SP500 30-Minutes - Diagonal Validated|
And, if you're like most, you are probably asking, well, "what's next?" Well, we have a validated diagonal, as best we can tell. And, as we said before, we can not tell specifically yet, if the diagonal is Leading or if it is Ending. We won't know that for a fact, until the low of 2147.58 in cash is taken out lower.
In the meanwhile, in the light choppy action, we'd suggest reading the daily ES chart perhaps the way Ira Epstein might.
|Daily ES Futures|
Usually, Ira does not recommend "buying new" against an upper Bollinger Band because that's where the Smart Money is taking profits, and the retail buyer would be bucking the big funds trying to exit. But, says Ira often, there is a world of difference between taking profits, and putting on shorts. He does not recommend that unless price is trading below the 18-day "line in the sand".
Nothing above is to be construed as trading or investment advice - just a recap of how I think Ira Epstein would analyze this chart.