|Intraday ES E-mini S&P Futures|
The green lines show a potential channel count, while the blue-dotted line shows a wedge shape in the current moment.
Further, we have the situation where the third segment is not even as long as the first segment, yet. Now, all of this could right itself with a news report or two. But, until we see that happen, we are going to carry the alternate labels a,b,c which would be part of a diagonal count for the Minor 5th, wave, as well. At this time, we have no preference for which forms - an impulse or a diagonal, although that may change in the upcoming days.
Remember, in an ending diagonal, if that's what occurs, usually wave (i) of the diagonal makes it's high over the prior wave 3 (Minor 3 in this case) to show it's character as a true motive wave. So, even that count would suggest upward movement is not over yet. But ..
Be careful and take care!