Still in a Larger Wedge

Here is a two-day chart of the ES futures, specifically for one reason : to show the larger wedge.

 

Still trying to adhere to degree labeling, the best count is also applied - given all of the overlaps from the (X) wave to the current time. The Elliott Wave Oscillator still shows a divergence with today's new all-time-high.

We know that the wave from the most recent minute ((a)) to minute ((b)) - although in a wedge - was not a true diagonal as the start of the wave was never broken lower. We pointed out the important fractals; they were never hit.

Sometimes wedges will pop over the top before they make a low beneath the wedge. We'll see. Price remains above the daily 18-day SMA at this point and therefore has positive bias. Price is not up to the upper daily Bollinger Band, yet. The 0.618 Fibonacci relationship is overhead by a fair bit.

The lack of overlap with Intermediate (W) at the most recent Minor B wave low just barely prevents us from calling this a diagonal. But - that could happen in the future. Showing Intermediate (Y) at or near this location might allow a diagonal count later - if and when overlap with (W) should occur.

Have a good evening,

TraderJoe