|SPY - 15 min - Five Waves Down as a Diagonal|
In making the five-waves-down, the 'minimum' objective for the move lower was obtained. See chart below. Now it is a question of whether the small-degree diagonal, above, is an ending or a leading one.
|ES E-Mini S&P500 Futures - 4 Hr - Five Waves Down to Minimum Target|
The downward overlap on minuet (i) - from previous posts - was the first target for a down wave. You can see by the overlap that the target has been obtained. IF the diagonal is an ending one, then the down move is over as minuet (c) of minute ((b)). IF the diagonal is a leading one, then only the sub-minuet wave i, of minuet (c) is completed today. The secondary target is the approximate 2,900 level where the weekly up trend line is located, along with the 100-day SMA.
Any lower lows suggest the diagonal is leading. To invalidate a leading diagonal a new all-time high would be required. From strictly a time perspective, the waves would look and measure much more proportionately if there was indeed additional downside movement.
Remember, tomorrow is the first day of the new month, with potential inflows, and then Friday is the Payroll Employment Report.
Have an excellent start to your evening.