Nothing wrong with the current count. Today in the ES/SPY was a halting, grinding, slow day upward to the new high. There could easily be more, within limits. Here is the current count, simply continued from the previous chart on the SPY 15-minute timeframe. We'll be switching to the SPY 30-minute shortly.
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| SPY Cash - 15 min - Count |
There is no clear indication that wave (iii), up, is over, yet. It does not have to be. For a contracting diagonal it must remain shorter than wave (i). So far, it has been. If a fourth wave (iv) occurs it should remain shorter than wave (ii), to continue a contracting diagonal.
Retraces can definitely occur, but not below the low of wave (ii) without repercussions for the count as is shown on the chart.
Have an excellent start of the evening, and an excellent rest of the possible vacation week if you are taking it off.
TraderJoe
