Another Possible Pullback Approaching

The stock market opened initially higher this morning, exceeding the prior top made last week and certainly opening the door to a bottom in place already for what we've labeled as wave iv of (a) under the blue count on our Emini S&P 500 (ES) chart.

Price fell shy of reaching the ideal 2837 target at today's high though, but with the reversal lower seen into the close and what can count as a micro 5 waves up off Sunday's low, it is very possible that wave v of (a) completed already. If so, then we can start another corrective pullback from here as wave (b), with a break below 2810 as the next step toward confirming a local top.

Otherwise, the alternative is that price makes one more attempt at reaching 2837 Wednesday for a slightly larger wave v of (a), before turning back down again.

ES U18 - Micro - Jul-24 1230 PM (1 hour)
ES U18 - Micro - Jul-24 1230 PM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.