ES-5-15-19-2-35-pm
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ES - still count is as a corrective wave ( b ) up
We still have an incomplete down structure in ES. Particularly we should get (a)-(b)-(c) structure down off the top made by wave XX at 2,893 on 10 May 2019.
We got a perfect ( a ) down followed by a rally that could have been all of ( b ) up. However, on the way down in what could have been the final impulsive decline in wave ( c ) down, it reversed and now is grinding higher again. I count that move as the second leg higher in that corrective wave ( b ) up. We discussed that previous corrective waves pointing up retraced 76.4% of preceding rallies. And we noted that unfilled gap down as a strong magnet. So this wave ( b ) up makes a lot of sense.
We got a perfect ( a ) down followed by a rally that could have been all of ( b ) up. However, on the way down in what could have been the final impulsive decline in wave ( c ) down, it reversed and now is grinding higher again. I count that move as the second leg higher in that corrective wave ( b ) up. We discussed that previous corrective waves pointing up retraced 76.4% of preceding rallies. And we noted that unfilled gap down as a strong magnet. So this wave ( b ) up makes a lot of sense.
ES - 4,500 tick bar chart at 2:31 PM on 5/15/2019
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