Still Need Some Correction For S&P500 / ES Before Going UpAttention: Prices are read on the futures chart, so they might be different if you are reading on cash charts. But directions and realtionships, should be very similar.
I believe S&P is in a very volatile correction and it is a bit hard to read.
To me it looks like price completed a green (a) of the grey ((y)) wave with a failed 5th and started the green (b) wave with a very aggressive purple a wave.
I believe we are now finishing the blue a-b-c correction in a c-wave diagonal and I would like to see it go down to 5110 area in the green box, for the c wave to have room to develop into the yellow box in the 5530 area.
If price is heading above the 5630 area, I would start to look for another count, since this would mean the green (a)-(b)-(c) correction should have been a flat, and since the green (a) wave is not counted in three waves, this can't be correct.
Right now I would like price to go down to the 5110 area, then back up to the 5530, and then we start the last green (c) wave of the grey ((y)) correction.
And this green (c) wave has plenty of room. All the way down to 4176 before it invalidates the count.
After all this correction, happy days are starting again, where the 5th wave could be heading for the 6500 to 7000 area.
