As we are still in search of the top to this [c] wave of the a-wave rally, the 5th wave in this [c] wave seems to be taking shape as an ending diagonal, as I have it outlined on the attached 5-minute ES chart.
But, I am going to keep this really simple, as the weekend update was quite inclusive and complex. At this point in time, we are waiting for a break down below 4546SPX to signal that the pullback has indeed begun. And, for now, I am looking for the pullback to take shape as a corrective b-wave. Once we confirm the top is in place, then we can set a more confident retracement target. But, for now, it is as it is represented on the 5-minute SPX chart.