Yellow (2) Not Yet Confirmed
Over the weekend, I said we needed to see a strong move through the 1645ES region, however, that is not what we have seen thus far. Today’s action has brought back two bearish red counts, as you can see from the 60 minute chart.
However, if the market is able to move over the high made earlier today, then we can potentially invalidate the current red count, and move into the yellow (2) count much more confidently. But, this still means we will likely see action like this over the next week or two until the market completes its a-b-c structure of yellow wave (2).
So, again, we are left with waiting for tomorrow, as to which count will play out. But, under all scenarios, I am still looking for the market to target the blue box I have provided over the weekend to complete yellow wave 4.