Revision to Daily Count

From a degree labeling perspective, the up count to an Expanded Flat Minor B wave lost some credibility today. The upward wave may have gotten too long. As a result, the best idea I have is to keep the ES count compatible with the Dow count, with both indexes in the Intermediate (Y) wave, as below.

ES Futures - 2 Day - Still Intermediate (Y)

At this point, there is insufficient impulsive action lower to assume a second Intermediate (X) wave has started downward yet. From, the first Intermediate (X) wave the count upward is Minor A - which might either be an impulse or a diagonal - barrier triangle Minor B, and now a Minor C wave of Intermediate (Y).

Note that - at this time - Intermediate (Y) is just about as long in time as Intermediate (W). That likely indicates the waves are of the same degree. The slight alternate is that Minor B is back one trough at the beginning of March, as a "running" Minor B wave, and we are in the third wave of C of (Y). However, this wave is beginning to feel a lot like the thrust from a triangle. It has also a slight "throw-over" of the former wedge up trend line.

Have a good start to the evening.

TraderJoe