ES-4-15-19-1-01-pm

In flat corrective structures we have three waves, a, b and c. And the final counter trend wave c has to be subdivided into five micro waves. ES is a perfect illustration of that clear subdivision (focus on waves labelled with red letters). It needs one more push down to complete that c down. That push down may complete a corrective wave iv down and set up a stage for another rally to a higher high in wave v up.