The ES 2-hourly chart is below, continuing the count that was shown on the weekend. The count is both very mature and it is full of risk.
This count provides alternation between wave ii and wave iv. Elements of risk include 1) there was not yet a new higher high today, 2) today broke a closing only line on the ES 4-hr chart, and made a back-test of it (interested readers should verify this), 3) multiple RSI divergences are shown on this timeframe, 4) a wave structure this steep in so few days could wind up in a final diagonal, a final triangle or even a count failure, and 5) we have noted the current news risk several times already.
So, for now, a wave-counting-stop (WCS) has been placed below today's low.
Have an excellent start to the evening,
TraderJoe
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