Watch for an Extended ((c)) Wave !!

The weekly wave chart (Neely-style) is presented below. As you know the extremely choppy downward action has made me suggest diagonals. They are very confusing. This chart helped straighten me out. Then, I went back and counted every wave since the all-time-high. One place where I was confused got resolved. As a result one should at least be on guard for an extended minute ((c)) wave of blue 4. It might be 1.618 x ((a)) or more.

ES Futures - Weekly - Wave Chart

Now here is the count from the all-time high (ATH). Before you puke, note (v) = (i) with extreme alternation between ((ii)) and ((iv)). Wave (iii) is longer than (i); no overlap; no rules broken.

ES Futures - 4 Hr - Minute ((a)) wave down

In the minute ((b)) wave, the start of the pattern was the leading diagonal (a) wave which was also called out in real time.

ES Futures - 4 Hr - Minute ((b)) wave up

For the minute ((c)) wave of Minor 1, below, also note that wave (v) = (i).

ES Futures - 4 Hr - Minute ((c)) and Minor 1 Down

I had no questions about the Minor 2 up wave. I don't think many of us did. Just the top of it is shown here on the upper left.

ES Future - 12 Hr - Minor 3 Down

The alternation above is diagonal ((a)) - ((b)) - impulse ((c)). Minute ((c)) = 0.618 x minute ((a)). Minor 3 is longer in price & time than Minor 1. It is increasingly possible that Minor 4 will be longer in price and time than Minor 2. And, yes, within the descending contracting diagonal - also pointed out in the DJIA, wave (iv) is shorter in price than wave (ii). Shorter by ticks, but shorter.

It has been a bear of a count, so far, pun intended! Have a good start to your evening. Thanks to blog reader and excellent contributor BBRider for rekindling my interest in this count.

TraderJoe