Overview: let's review the expectations of the previous update:
Update: I now see a double zigzag being complete in wave b of (III), and we have initiated wave c of (III):
There is one low-probability alternative count left in my mind: wave X (green) of b of (III) is playing out as a flat, and right now we are in it's leg C. Once again we need more subwaves to develop to be confident on which scenario is playing out, but for now we will stick to the primary count.
- As we expected, ES continued higher to form leg C of zigzag.
- Now, we have completed a zigzag in wave b of (III).
- What is next? there will be a pullback at this point and its structure and extent will lead us on what to expect.
- This is a volatile market that we need to move day by day and adjust our expectations.
Update: I now see a double zigzag being complete in wave b of (III), and we have initiated wave c of (III):
There is one low-probability alternative count left in my mind: wave X (green) of b of (III) is playing out as a flat, and right now we are in it's leg C. Once again we need more subwaves to develop to be confident on which scenario is playing out, but for now we will stick to the primary count.
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