ES

As expected, structure played out exactly as was suggested last night.

Wave (b) was indeed complete at the 1041.50 L, right at the 50% retracement level.

Wave (c) appears to be tracing a diagonal triangle here. This suggests that (c) has finished its first 4 waves, with this being v of (c).

If this is correct, then (c) will never make it to equality. The 78.6% projection of (a) is at 1066.25. The minimum objective of 61.8% of (a) was met at 1061.

We have retraced a satisfactory amount of minute [i], as the 50% level was met at 1062.25.

I'm not real thrilled about this potential triangle development. I would much prefer a retracement process that took us to at least the 70.7% level.

There are alternatives. Perhaps this is a double zigzag combination and this is a b wave, with a nice c to follow.

There is also the possibility that if price and/or time has not been sufficient, then we would trace an (x) wave after completion of (c).

Just take it one wave at a time.