ES-mini - the rally looks corrective

The structure of the decline off the September 2018 top looks like a corrective A-B-C down pattern. The wave C, the final leg of the correction, shall be subdivided into five subwaves. I count the low made on 25 December 2018 as the bottom of the wave ( iii ) of C. And I count the rally off that low as a corrective (a)-(b)-(c) of wave ( iv ) up. That wave ( iv ) up may top at 2,597-2,610-2,625. Once it tops out we should expect another decline to a new lower low.

ES-mini - 120 min chart updated on 8 January 2019

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