Waiting on the Dow? - 4

Today the ES futures made a new all-time high. Again, the Dow futures did not. Per the chart below, the completed count can still be waiting on the daily Dow.

Dow (YM) Futures - 1 Day - Potential Diagonal

The Elliott Wave Oscillator, the hesitant zigzags, the EMA-34 and the overlaps all point to a diagonal without guaranteeing it. A new high for minute ((v)), circle-v, is likely, but it is not required. 

On the shorter term ES 30-minute, with about 105 candles on it, and intraday SPY chart, we noted an expanding diagonal can be forming for the (5)th wave of ((5))th wave of the vth wave of the (c) wave of minute ((v)) as below.

ES Futures - 30 min - Expanding Diagonal ?

 

So, we'll see how the futures do on tomorrow's payroll employment report. We will note the up count can be completed today, though it would look better in time if it completed tomorrow. But, the up count can not currently be continued below 4,512. And we note the expanding diagonal's (4)th wave only held this level by a hair. What should be clear from these patterns is that it is exceptionally hard to count these waves legally as impulses. And just like I was the first to admit that I could not count this afternoon's waves down as anything other than a,b,c - with that same simplicity - I can not count the up waves as impulses (or a valid triangles for that matter). Therefore, I am now negative again on the market overall.

Have an excellent start to the evening.

TraderJoe