If yesterday made a marginal higher high, last night finished the upward fifth wave - or upward .b wave of b that I had in mind - and today made a marginal lower low, then rebounded vigorously. There remain two good possibilities, depending on whether we go over the top tomorrow or back down through the lows.
|ES Futures - 2 Hr - Lower Daily Low|
Uncertainty is at its near highest here. If we continue lower it will likely be as a choppy diagonal downward. And if we go over the high marginally again, then it could be that the larger b wave downward has finished, and the upward move will be a new location for minuet (iii).
The Dow has made a downward overlap that could be for wave (iv). The ES futures and S&P500 have not. There are times of extreme chop like this when it makes most sense to let the market resolve the structure. The only observation I have is that a b wave here does provide more time to an a-b-c structure and is a bit more proportional, but a new marginal high would be needed to prove that case. I'd like to see a good overlap of 3,335 to indicate that wave (iv) was underway.
Have a good start to your evening.