Upside Open To New Highs

With today’s action, I can eliminate several of the paths we have been tracking and we have simply a primary and alternative.  Overall, the same perspective from the weekend update is still applicable:  As long as we remain over the pullback low of last week, we are looking towards higher highs.

However, now we can adjust that support to a higher level.  If you look at the attached 15-minute ES chart, you will see that the yellow path is pointing us higher for as long as the market does not break back down below the pivot in impulsive fashion.  As long as we see a corrective pullback holding that pivot, I am looking higher.

However, if the market does break down below the pivot in impulsive fashion, then my primary count would be that a c-wave decline is likely in progress.

What I dread is that we see a corrective break down below the pivot, which could suggest that this c-wave is taking shape as yet another ending diagonal.  But, we will cross that bridge if we come to it.

In simple terms, as long as the 6718-6737ES region holds as support on the next corrective pullback, I am next looking towards the 6844ES region to complete wave (3) of this c-wave of wave 5.