ES

As expected, ES had impulsive upside price action today. Range was a nice 25.25 handles, however, volume was meager.

I really have doubts about the minuette degree starting waves I have labeled on chart. I show an alternate count of sub-minuette degree.

Remember, 5 minuette degree waves up will finish minute [v] and thus, minor C. Minute [i] was 63 handles, while minute [iii] came in at 89.25 handles.

It's certainly possible that the minuette degree's are correct, but unless (v) explodes, then minute [v] will be very small in comparison to the rest of the structure.

Equality = 1098.75. The minimum objective of 61.8% of [i] - [iii] = 1100.25.

Thus far, we have beautiful fib relationships working with structure.

Price was temporarily stopped at the 61.8% retracement of the corrective, as well as the 261.8% projection of wave (i) (or i).

This is a good "marker" for us, as 3rd waves have a common relationship with the 261.8% ratio.

We have retraced to the 23.6% of wave (i), which again is a nice "marker", as 4th waves generally retrace 23.6% - 38.2%.

It appears that the daily 20 sma has held so far. The pattern discussed in the weekend update, suggests that price should see new highs.

We should see higher price once this wave (iv) (or iv) completes.