We have been looking for an extended fifth wave in the futures. Because of both the timing and length differences between futures and cash, we can count the cash index slightly differently and still maintain degree labeling. Here is the count on the S&P500 cash index on the 15-minute chart.
|SP500 Cash Index - 15 Min - Channel Count|
At this location wave ((i)) is slightly shorter in length than 1, and wave 3 works out length-wise as far as the internals go. Wave ((ii)) is a flat, and wave ((iv)) is a triangle for alternation. All of Wave 3 would be above a line from 0 to 2. Wave 4 would be ending in the vicinity of a prior wave 4, and the Elliott Wave Oscillator is giving the classic fourth wave signature. A new high is possible, and even probable.
Provided the fourth wave ends near this location, the futures are just hanging on to the extended fifth wave count.
Have an excellent start to the day.