|ES E-Mini S&P 500 Futures 4 Hr Chart|
This downward wave is either sub-minuet wave i, of minuet (iii), of minute ((v)) downward. Or it is a minute ((c)) wave as an alternate. At this point, only travel over that 2365 level noted in Thursday's post can tell them apart, because in an impulse lower for minute ((v)), wave sub-minuet ii may not travel beyond the start of wave sub-minuet i. However, the downward wave in the ES and S&P formed correctly to this point, with all of the waves measuring properly for an expanding diagonal.
If the invalidation level at 2365 is exceeded to the upside, then it is 'possible' a very large triangle is being built as a fourth wave in an upward count, but this remains the alternate as of this time. Either way, we said to expect whippy market behavior and today was certainly no exception.
Cheers and have a good night. Sorry for the late post - there were some issues with the Blogger editor preventing uploading of charts until now.