ES-5-20-19-2-45-pm

Our expectation was to get a large wave ( c ) down off the top of corrective wave ( b ) up topped at 2,894 made on 16 May 2019. And ES has been moving nicely. But the structure of that decline is not ideal. That final decline in wave ( c ) of ZZ down had to have an impulsive structure. What that means is that we should get a strong drop in wave iii down. The textbook wave iii has to target 176.4% ext of wave i down. However, I noticed that inside corrective wave the structure of the final wave ( c ) may get “compressed”.
That means that wave iii may bottom at 123.6%, 138.2% ext and the final wave v may stop at 176.4%. So far we had something looks like a-b-c of wave iii that dropped to 123.6% ext. That fits my “compressed” impulsive structure.

But there is another problem with that count. That final wave ( c ) down has to make a low under the low reached by the first leg down in wave ( a ) down ( bottomed at 2,802 on 13 May 2019 ). To complete wave ( c ) needs to make at least a nominally new lower low under 2,802. But if the micro wave iii down bottomed at 2,833 would the final wave v travel 35 point slower? Technically it is possible. Let’s see how it plays out. Again, such a drop would be a nice long entry.