Up Day - 3

Many, many wave patterns can fit today's price action. It is probably best from a wave-counting perspective to remain flexible and not lock in on one just yet. First, here is the daily chart with the BollingerBands, 100-day SMA and Slow Stochastic.

ES Futures - Daily - Positive Bias

The futures this morning found support on the 100-day SMA, then rallied strongly over the 18-day SMA, leaving the price pattern with positive bias currently. Further, the daily slow stochastic has clearly turned up.

And here are some of the Elliott Wave Patterns  that work at least unless the high is exceeded.

ES Futures - Daily - Minute ((ii)) or circle-ii

The above count is possible because minute ((ii)), or circle-ii, is shorter in price and time than the Minor B wave, upward, in the same direction. Obviously, this count would invalidate over the high of Minor B. We should note, that if this count plays out, then a series of new lows would be expected below  the low of Minor A.

And this ..

ES Futures - Daily - Flat or Failed Flat B Wave

The above count is possible because minute ((b)), or circle-b, reached within 90% of the Minor A wave, down, as shown by the included Fibonacci ruler, and more so in the Dow. Also, minute ((b)) is shorter in price than Minor A, and may be the same or less in time.

And this ...

The above count is possible because the up wave can be counted as a zigzag, provided it doesn't extend again in the overnight or tomorrow. However, one thing not to like about this count - and the reason it is shown third - is that such a quick ((c)) wave would be uncharacteristic in a triangle. Usually, ((c)) waves in triangles are fairly long and complex.

And, yes, it is possible the (X) wave ended at the October low, but that still seems very, very short in price length.

If you are trying to count these waves, it is truly a difficult task, so I appreciate what you are going through.

Have a good start to the evening,

TraderJoe