More muted breakout?

I have some serious reservations about the nature of this "break-out". But this has failed multiple opportunities to get more normal consolidations for longer term bullish potential. The operative count based on sector etfs and ind names support more upside into the end of the year and ideally into 2019 is the orange ED where we might be starting the iii of (c) of circle iii.

I really wanted more of a wave ii of 5 after an LD that would have allowed for a more extended 5th of (5) of P.3 into the top region of the Major Topping Zone targeting the 200% Fib ~3369 for P.3. But alas I do not get what I want... and must take what price throws at me. The orange ED is the OPERATIVE count but it projects a more muted 5th that is further along but should allow for many of our StockWaves names an open window to continue their bullish paths off the April & Many & June & July lows. I will take solace in the potential that XLF is preserving the larger i-ii of 5 potential for nice out-perform possibilities.

My major concern though is with out even a cleaner structure to the orange (b) and i-ii of (c)... a DIAGONAL off the April low is still possible... but rather than an LD for i of 5 it could be an ED for all of 5 just trying to stretch to the 176.4% Fib for P.3 that the 3 of 95) fell only slightly short of back in Jan.

I will continue to focus more on ind names and sectors in StockWaves, take profit often, hedge when needed, and look over my shoulder the whole time fearing possible "surprises".

Back to my corner.

@ES# - Alternate 4 - Aug-24 1040 AM (15 min)
@ES# - Alternate 4 - Aug-24 1040 AM (15 min)
SPX.XO - Micro Counts - Aug-24 1040 AM (15 min)
SPX.XO - Micro Counts - Aug-24 1040 AM (15 min)
SPX.XO - BIG Macro - Aug-24 1040 AM (2 hour)
SPX.XO - BIG Macro - Aug-24 1040 AM (2 hour)
SPX.XO - BIG Macro Clean - Aug-24 1041 AM (1 day)
SPX.XO - BIG Macro Clean - Aug-24 1041 AM (1 day)
SPX.XO - Alternate 10 - Aug-24 1053 AM (1 day)
SPX.XO - Alternate 10 - Aug-24 1053 AM (1 day)
INDU.X - Primary Analysis - Aug-24 1054 AM (1 hour)
INDU.X - Primary Analysis - Aug-24 1054 AM (1 hour)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.