Potential five-wave decline and island reversal.
The immediate bullish count is a flat-[b]-zigzag pullback (Chart 1 green) or and expanded flat pullback (Chart 2 blue), which fits the larger picture as D-down of an EDT (Chart 3 red) or wave two pullback of wave 5 or 3 (Chart 3 blue or green).
Clean(er) waves. See charts.
[9am] ES update-
ES is probing the green line for continued near term support. Will the line hold? See chart.