Weekend Update ES

ES We may have finished minor A up Thursday. I say may because it's not very clean after the 994 H.

We had 5 waves off the 994 H, however, there is huge 4-1 overlap. The only structure that is allowed with overlap are diagonals, both leading and ending. Do we have a leading diagonal?

Technically, we very well could. This would be a leading expanding diagonal, as opposed to contracting, which is more common. According to Prechter, "A leading diagonal in the wave one position is typically followed by a deep retracement", p. 41 Elliott Wave Principle. We had a retracement that ticked the 78.6%.

I'm not sure folks. Even if it turns out that it is indeed a LD, it is a very unsatisfying beginning to B. I will begrudgingly use it as my preferred count until proven otherwise.

There is still the possibility that this is wave (iv) and A has not yet completed. That would mean we have another little leg higher in (v). The majority of the evidence points to A being finished, and based on structure that's my belief.

It does appear that we have 5 waves coming off the 990.50 H. Perhaps this ugly minuette (i) has completed and we are ready to start impulsing. It should be noted that we broke the 2-4 channel.

(iii) = (i) at 974.75. The reciprocal to our 78.6% is the 127.2% at 970.50. A Pi ratio is also there. Lets see how price interacts at that number.

The next few days will give us a clue as to what type of structure this minor B will trace. A zigzag would be a pleasant surprise. Please Lord don't let it be some congested drawn out triangle...I'm begging!

I really don't have anything major on the timing front. Wednesday should be a daily cycle low day. There is a moon that comes in Wednesday as well. August should be a cycle peak on the monthly. Kool if your tuned in - please chime in if you have anything good.

SPX Here is my big picture view. Nothing has changed (yet). I'm questioning the 3x's zigzag. Prechter and gang changed their count to a 2x's zz. It really doesn't matter...you get to the same spot at the same time.