Three-Down, Three-Up "So Far"

If the wave count to the early morning Friday low represented three waves down, as was described in the previous post, then today tentatively represents only three-waves up to prior resistance at the 3,400 level. Here is the ES half-hourly chart.

At the 3,400 level tentative wave c is 0.786 x wave a. This could represent the minuet (b) wave higher of the minute ((b)) wave lower. If so, a minuet (c) wave down could occur in the form of an Expanded Flat. The wave labels are tentative until there is downward overlap on the a wave, and price trades below the b wave. A significant break, lower, of  the most recent upward parallel, and a back-test of it with a subsequent failure low would provide a lot more additional confirmation.

Keep one eye peeled to any stimulus or political news that might alter the landscape.

Have a very good start to the evening and to the week.

TraderJoe