Pretty much regardless of which one you pick, the correction does not look quite over yet, because, particularly in the Dow, S&P and ES, price has not interacted yet with an internal lower channel line. As just one example, the DJIA 30-minute chart currently has about 120 - 160 candles for the wave of interest at present (with 145 on this chart), as according to The Eight Fold Path Methodology.
|DJIA Half-Hour With 145 Candles|
The chart shows the clear gap - with the red circle - for wave (iii) of minute ((iii)), and it's located on a peak of the Elliott Wave Wave Oscillator, with wave (v) of minute ((iii)) on a divergence and just beyond a 1.618 extension of wave ((i)).
It also nicely shows that the Elliott Wave Oscillator has come back to within the required +10% to -40% as would indicate the minute ((iv))th wave (black circle on the indicator). The only thing that hasn't occurred is price touching the lower channel line.
With today's lower low, its clear the Dow made three waves down to the (a) wave, and likely three waves up to the minuet (b) wave which may not be finished yet. It could, of course, exceed the high in a flat wave. Then, the (c) wave down would be expected to touch the trend line in some manner. In the S&P500, this (b) wave has already met the 90% requirement of the retrace on the (a) wave. And, of course the NQ has already made the new high.
In this count, a flat or triangle wave ((iv)) would provide excellent alternation for the sharp minute ((ii)) wave. The importance of this trend line touch can not be understated. What happens if it doesn't touch? Well, let's say there were some big news announcement this weekend, like a new tax plan (we don't know there will be - just providing an example), and the futures spike 15 or 20 points Sunday night. Then, in that case, there would acceleration away from the trend line, and a larger third wave. Just keep in mind, at this time, the weekly ES trend line is providing some resistance here, as expected, so the fourth wave currently seems more likely.
Some new highs, and some new lows. So, let's see how it goes!
Have a nice weekend.