Will Wong
Long

ES/SPX: My preferred count. Still a leading diagonal but

CME_MINI:ES1!   S&P 500 E-mini Futures
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6
The wave structure looks more proportional.

Comments

Can I please ask what formation the A-B-C you have previous to the leading diagonal you have here is ? Without a lower low at C, I am at a loss. Also, I would argue that the 2017 run was the extended third of the larger degree so expecting one in the 5th would be suspect. Besides, I was under the impression that 5th waves extend in the 5th of lesser degree so you would probably want a shorter 5(iii) as you have a suggested move of 30 handles. Based on what has transpired though your FIB looks spot on. I would also argue too that an RSI of < 70 in the 3rd wave isn't that bullish.
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Will Wong PhareDuBoute
@PhareDuBoute, it would be a 5,3,5 but struck EW rules do not permit a 5 wave A.

A leading Diagonal has a 5-3-5-3-5 structure. That is why my wave 5 is extended.

After wave (II), rsi should drop to a more oversold level which should propel it to wave (III).
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u really think this will goto 2722? dude watch for 2870
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