Yesterday evening, as the overnight futures were popping on the new guidelines related to the virus, we said the better count was that of an extended first wave, and posted the chart below.
|ES Futures - 4 Hr - x(i)|
If this is the case, then wave (v) must remain shorter than wave (iii), but because wave (iii) has a lot of length to it, then it is possible for wave (v) to throw-over the wedge line and possibly even fill the next futures gap up on the chart.
After the evening pop, there was an approximate 50% pull-back to fill a gap in the futures left by the announcement. Then. there was a spirited rally at the end of the day which nearly regained the futures high, but not quite. The wave count does not appear quite done to the upside at this point, but regardless, 2,821 is the level to watch, as below it would seem to turn around the shorter term trend.
Have a good start to the weekend.