With the amount of times the market has hit its head on the pivot noted on the 5-minute ES chart, it is likely getting a headache.
But, needless to say, until the market is able to take out that pivot, there remains potential for a deeper wave [iv] to take hold, and point us back down to the support region. The reason I am still keeping this potential on the chart is because the pullback thus far has been relatively shallow for a standard wave [iv], which often targets the 1.00 extension in the 4835SPX region.
But, overall, I am still expecting us to be heading next to our target in the 4955-4960SPX region, assuming our support box holds for wave [iv]. Breaking out through the pivot will likely signal we are on our way to the target sooner rather than later.