The wave structure in futures are informative (or blurring the cash counts).
The bullish and bearish counts are presented in the NQ chart.
If we have an expanded flat in ES (or SPX, INDU), we need to recognize the initial 7-wave decline that implies an overall corrective pullback - no P3-down yet.
If the nominal low in ES (or SPX, INDU) is [i]-down on a 9-wave decline from the nominal high, either we're missing (b)-down and (c)-up or the advance since the low is less impulsive in its structure than assumed (in the expanded flat case).
[815am,855am] Overnight update (ES, YM, DX) -
Stock futures reached 0.382 retrace.
