Larger Minute ((b)) Wave

Today, using The Eight Fold Path Method, the futures may trace out an impulse if they can tonight trade over the prior 2,976 high. If that happens, and an impulse up is recorded, then it is possible we are just making a larger minute ((b)) wave, or circle-b, wave up for an expanded flat, and today's impulse is the minute (a) wave up. Here is the daily chart with the count.

ES Futures - Daily - Minute ((b)) Circle-b Up

IF a 105 - 132% x minute ((a)) = minute ((b)) wave can be made, then it is possible to get the expanded flat for the Minor B wave. The higher highs are already generating lots of bullishness. From a degree labeling standpoint, I see nothing wrong with this count because Minor A is the larger wave in comparison to minute ((b)), circle-b. That means that minute ((b)) must simply remain shorter in time than the Minor A wave. So far, that is not a problem. And, of course, it must remain shorter in price than Minor A, its larger wave - and that is not a problem either.

Also - by measurement - the minuet (c) wave of the minute ((a)) wave down or circle-a is shorter in price than all of the minute ((ii)) wave, lower, circle-ii. So, this fits with degree labeling also, and the wave structures seem to fit.

Part of the technical reason for this count is the location of 1) the 100 & 200 day SMA's, and 2) the location of the upper daily Bollinger Bands. With those factors, as well as the extreme gaps formed in the cash charts, it is hard to be as bullish as those who see an immediate C wave 'going to the moon'.

Have a great start to the evening.

TraderJoe