|ES E-Mini S&P500 Index Futures|
The complexity is that we need a clean zigzag upward for either the triangle (as shown here) or a further extension of a downward diagonal. We don't have that yet. If wave .ii, .iii, .iv, and .v on this chart can form to complete the (c) wave upward, that will help clarify either of those two counts. So, that is what we expect. Perhaps wave .ii resolves tomorrow morning without making a new low below the lower blue b.
If - on the other hand - prices "just let loose" tomorrow morning, for some unexpected reason, then since the downward a wave has been overlapped upward, with five waves up completed today, then we would be forced to conclude we today had the (c) wave upward of a "failure flat". Those are quite rare structures so the odds are against this option. We just point it out because running structures have happened in the upward waves of this overall Primary 5th wave. We wouldn't want it to catch you off guard.
The other thing we wanted to mention was that downward a wave can be counted as a :5 in the futures, and/or a :3 in the cash market. It's just one of those ambiguous waves (not like the :5 we counted today). That's why there is still an option of a large expanding diagonal downward, if it's the :3, or a five wave a wave that comes before a triangle. So, the market kept it's options open today (no pun intended), and we did too!
Have a good start to your evening.