ES-4-3-19-10-03-PM

The count stays unchanged. The drop we got today finally confirmed completion of the wave iii up. Now the question is whether it was only subwave a of wave iv or all of wave iv… In ideal world we should see a well pronounced a-b-c down structure. But there is so called alternation guidance that says that waves 2 and 4 should alternate in depth and structure. If you look at wave ii down you will see that it was deep and had a nice a-b-c structure. According to alternation guidance wave iv may be shallow and look like a straight line. If that rally keeps climbing and retest the high we made yesterday it might be a good short setup to ride wave c of iv down.