/ES 5 down with a Flat off the low
The major US indexes (S&P 500, Nasdaq 100, Russell 2000 etc) appear to be coming out of a Wave 3 top, and gearing up for either a flat or triangle in a Wave 4 position.
Although the retracement of the initial cash-session decline has been choppy, the futures chart still looks favorable for a turn lower tomorrow.
I see 5 down with a 3-3-5 flat in a retracement.
The only thing I don't care for here is orange circle 'i' inside of green (c), as we have 5-waves there. Technically the waves 1, 3 and 5 position in an ending diagonal *should* decompose as a 3-wave move. That said, I'll allow for it in this case given the overlap and divergence.
KEY decision on the horizon into tomorrow. #ElliottWave
Although the retracement of the initial cash-session decline has been choppy, the futures chart still looks favorable for a turn lower tomorrow.
I see 5 down with a 3-3-5 flat in a retracement.
The only thing I don't care for here is orange circle 'i' inside of green (c), as we have 5-waves there. Technically the waves 1, 3 and 5 position in an ending diagonal *should* decompose as a 3-wave move. That said, I'll allow for it in this case given the overlap and divergence.
KEY decision on the horizon into tomorrow. #ElliottWave
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