No significant Correction Yet; Perhaps soon

Here is the ES 2-Hr Chart. The wedge-shaped wave has not made a significant correction yet (meaning 38% or greater).

ES Futures - 2 Hr - Wave in a Wedge

As configured, wave iv does not have an overlap with wave i. That is OK because this is likely an impulse wave with an extended first wave, and not a diagonal. This is likely minuet wave (i) within minute wave ((v)). The DOW has not made a new all-time high yet, so it might be that the full extent of minute wave ((v)) may wait for the Dow to make that new high.

In this configuration sub-minuette wave v should remain shorter than iii. Up waves would invalidate only below the 21 June low. 

Have a good start to your evening and to your weekend.

TraderJoe