Although price swings were a bit more wild today, with lower prices and additional trading halts, the interpretation of the four-hour chart has not invalidated a larger 4th wave.
|ES Future - 4 Hr -|
The EWO stalled its upward movement, then recovered a bit. Earlier today, we showed a chart (link HERE) of where the downward 1.382 level was from the initial wave 4 - or ((a)) of 4 - location. So, there is a decent probability that today's low was the minute ((b)) wave of 4.
Towards the end of the day, there was an initial 4-hr candle that formed a potential 'hammer' candle. Remember, such a candle needs confirmation with higher closing candles. With 115 candles on the current chart, if confirmed, it would be reasonable to see the EWO head back towards the zero line.
Again, such a rally might come on the announcement of any other significant fiscal stimulus or progress on the disease/testing.
Have a good start to the evening.