Best Alternate at this Time - 3

The daily picture in the ES futures still looks like the chart below. Nothing has changed there, yet. We are still waiting to see if a fifth wave, minute ⓥ, completes and if it completes with good form. Since the third wave in this configuration is shorter in price than the first wave, the Fibonacci ruler is shown to see if the fifth wave stays shorter than the third. There isn't an upward length violation at this time. If there should be, we will adjust.

As far as the local count on the SPY cash 30-min chart, there is a leading expanding diagonal first wave (where the zigzags first started coming from - because they initially couldn't be counted as clean 'fives'), then a second wave zigzag, then a third wave which just notches out a wave that is longer than the first. This chart starts with minute-iv, circle-iv, or ((iv)) at the lower left. From there, this would be the minute ⓥ wave.

There is one way to count the pattern as complete, but it doesn't match up with the futures. A further way to see the pattern ending would be with a ivth wave triangle. Right now, a parallel is being maintained. If a triangle forms, the parallel could be breached. We note the Elliott Wave Oscillator is not near the zero line yet on this timeframe.

Have an excellent rest of the day.

TraderJoe