The zig zag down from the 21 June high is gone now. That leaves the nested ones and twos count that I have on the SPX Option 5 chart (though the degrees are different). Here's the 5 min chart of ES:
ES 5 min chart:
Wave 4 of (3) may have happened overnight, but its possible its not complete yet and we've just had the a or w wave of 4. If we're still in wave 4, it can't exceed the wave 1 low. If it does, it may mean that wave (3) bottomed yesterday and we are in wave (4). That can't exceed the wave (1) low. If that happens, then we're probably in one of the counts that shows 5 complete waves down at yesterday's low (see, eg the chart for Option 1 on SPX)
