Current Local Count Update

Here again is the ES 4-Hr chart. Prices today took a stab at the lower parallel channel line after looking like they wanted to form a triangle all day.

Prices could still head lower tomorrow in an attempt to hit the 38% or 50% retrace on wave ③. Maybe this happens before or on the payroll employment report. Then a fifth wave could track higher into the first trading day of the new month.

If there are a solid five-waves-up, it just ups the odds, but does not make conclusive, the chance for a,b,c as i,ii,iii.

Have a good start to the evening.

TraderJoe