Here's a 5 min chart of ES showing what I think may be happening, using the nested ones and twos Count (Count 5) I have for SPX (see the chart of Option 5 for SPX from last night):
ES 5 min chart:
I have a possible wave iv top at yesterday's high (which coincides with the high in the cash session). It does look like a clean 5 waves down from there on ES for wave [1] of v, followed by some sideways action which looks corrective.
I'm labelling the sideways action as (A)-(B)-(C) for the moment and once complete it would be wave [2] of 5 on this Count (see last night's Update on SPX for the other Counts from the SPX high of 1131.23). Obviously, yesterday's high is crucial to this Count (as it is for SPX), so that's where I'll know its wrong and will then look for more upside in a continuing wave iv, though I'll be alert to the possibility of one of the more bullish Counts perhaps being in operation.
