The Suspense Is Killing Me

With the market pushing a bit higher today, it seems as though it is attempting to walk through the door that was opened yesterday to the purple count.   

So, to that end, I have added a micro pivot to the chart.  If the market can break out through the pivot, and then hold the pivot on a corrective pullback, then we will significantly increase the potential that we are heading higher in the purple wave count.

However, if the market fails at any point in that path, and then breaks back down below the Sunday night low, it tells us rather clearly that an ending diagonal is likely playing out for the c-wave of wave iv.  And, that drop would likely be the c-wave of wave 3 within that diagonal.  I have updated the ES chart to show this path in green.

In fact, the market can even break out over the pivot to strike the 1.00 extension overhead in the 6119ES region to complete a b-wave within the green wave 3 of the ending diagonal to the downside, and then break back below the pivot for the c-wave of wave 3.  That is why I said we have to break out over the pivot, and then pullback correctively to hold the pivot if we are indeed going to continue higher sooner rather than later.

So, for now, the market is really 50/50 in my humble opinion as to which path it is intending on taking in the coming days.  Unfortunately, when we deal with 3-wave structures, this does happen.   But, at least the market has provided us with reasonable parameters to track.