Here is a repeat of the intraday chart we showed (in the comments section today by link) on the ES E-Mini S&P500 Futures in the half hour time frame.
|ES E-Mini S&P500 Futures - 30 Minutes - Potential Impulse|
While the Dow Jones Industrial Average does not have this structure, and, in fact, overlapped the waves on June the 28th, with about 140 candles on the chart for the 'wave of interest', the ES futures did grab a hold of the lower channel line and rescued the plausibility of an impulse count in a channel. It is not for certain, yet, though.
Wave iii of (iii) is on the maximum of the Elliott Wave Oscillator, and wave v of (iii) is on a divergence. Wave (iv) is a sharp to potentially alternate with the very sideways wave (ii). It is possible to chew up more time, if needed, that wave (iv) could become a triangle. Further, a wave iii likely has traveled beyond the upper channel boundary to show the location of maximum momentum.
Because of how deep this wave (iv) is already, I would not want to see prices trade below 2,955 or today's low before making a new high to call the structure an impulse. If an impulse is not properly formed, then we may just have another three-wave-structure to find a home for in the wave count. But we'll provide the impulse count a good shot at it.
Have a good start to your holiday-shortened week!