Roll-Over Beethoven

I said that if prices made a new high in the ES futures contract I would address the possibility of a third wave as an alternate. Well, like the NDX, the ES rollover month contract has done that - made a new high. So, the current count and best alternate fit like the ES! daily chart below.

ES! Futures - Daily - Rollover Alternate

Unfortunately, neither cash nor just the lead month contract can be counted in this (alternate, red) way because the new high needed for circle-iii, minute-iii, is just not present for them yet. To count them as a diagonal would be in the current count with a potential failure if price can not soon establish new all-time-highs. Please remember there is an end-of-the-month and end-of-the-quarter scenario ahead to be followed by the potential of the first-of-the-month, first-of-the-quarter passive inflows on 1 October.

Have a good start to the day.

TraderJoe