The ES futures almost made a new high, the NQ futures did make a new high, and then backed off. The cash S&P did not, contrary to the possible fifth wave up we thought was possible. Within the first hour, when this morning's opening gap was filled, we published the minute ((b)) wave count as likely completed. This is shown below.
|SP500 Daily Chart - Minute ((b)) Wave Likely Completed|
If the upward count is done, it must have completed as an ending diagonal triangle shown on the five minute chart below. The measurements are correct for such a pattern, and it's beginning has been exceeded lower.
|Minute ((b)) Wave Possibly Finished with Ending Diagonal|
Near the close of trading today, price has retraced nearly 61.8% of it's downward wave. The exact downward count can be treated as a diagonal with a 61.8% retrace. But I would want to see a new daily low beneath 2400, before a new high of 2419 to better solidify minute ((b)) is over in the upward direction.
Remember, minute ((b)) waves can be real stinky. A new high can't be ruled out - just yet - but it seems less likely. As an alternate, today could just have been the smaller b wave shown currently between (x) and ((b)), on the daily chart.
Have a good evening.