Chop in Both Directions - Not Glued to any Count

On an intraday basis, the chart of the ES Futures shows a high level of chop in both directions. The only solid impulse wave is the downward wave - labeled ((C)) - that continued this morning in the overnight session.

ES Futures - 15 Minutes - Choppy

Readers will also note there is divergence on today's slightly higher wave with the EWO. It should just be noted. It is not definitive.

The only way I can currently count the sequence, without degree violations is a-b-c down, and a-b-c, up. That could change if a convincing downward fourth wave can be made without overlapping the second ((A)) wave shown, the one on the right, at the Critical Overlap level.

Could the current sequence - as it is shown - start a diagonal downward? It could, but there is insufficient evidence for such at this time. Like triangles, diagonals can not be called until their five waves are in place - and, at best, this would be (i), down, and (ii) up, of such a diagonal. 

To even begin a downward wave, price must exceed the red down fractal (v) shown on the right. To begin an upward count, price must exceed the blue up fractal (^) shown on the left.

For this reason, I am not glued to any particular count at this time. The market must simply demonstrate by price lengths or overlaps which direction it wishes to proceed in. It'll be another good night to watch the overnight prices, and see what gaps or other clues are provided.

Have a good start to the evening.

TraderJoe