As far as I can tell at the moment, there are only three waves in each direction, as per the ES hourly chart, below.
|ES Futures - 1 Hr - Three Down and Up|
These three waves in each direction could be part of a downward diagonal, or part of a triangle that points upward. It is very difficult to say, and the overall point change is minimal. One negative for an upward pointing triangle is the a-b-c of the larger (a) wave of a triangle is usually quite dramatic. This one is quite long, drawn out, and boring.
Further, at the middle of the day today, I asked readers to watch for a potential diagonal due to overlaps in the upward count of the ((C)) wave. That diagonal did play out, and is counted below.
|ES Futures - 5 min - Diagonal|
In the above count, wave (v) is less in price and time than wave (iii), which is less in price and time than wave (i). Wave (iv) is less in price and time than wave (ii), and overlaps wave (i). Note the wave degree markers in this chart are for illustration and chart clarity only.
We can't know for sure if the diagonal is leading or it is ending. A clue will be if the high is exceeded before the low. However, there is a fair probability the diagonal is ending, so another clue will be the speed of any decline.
Have an excellent start to the evening.