|ES Futures - Hourly - Three Wave Patterns|
Today's up wave made a slightly better attack on the 62% retracement level, and it is taking longer in time than the downward wave. The marginally higher high seems to be on a likely divergence with the hourly MACD, as well. The up trend was stopped (at least temporarily) by an up trend line from the origin of the a wave up through the trough of the first three waves down of the b wave.
So, the game tonight and tomorrow into the payroll employment report is to monitor the high and see if it is exceeded (i.e. IFF today was just the first wave of the c wave). And, if not, a better confirmation of a trend lower might come by drawing a line from the start of the a wave through the bottom of the b wave, and seeing if that line breaks substantially and survives a retest.
IFF today's high is not exceeded tomorrow, the b wave 'should be' exceeded lower. At the end of the day, we could count five-waves off the top, including a 1.618 third wave.
Have a good start to your evening.