The subjective primary count labels today's bounce from the day's low (see 1055am update) as (x)-up of [iv]-down (see the green count in Chart 1). The red count offers a corrective alternative. Chart 2 offers a squiggle count to support the primary count. If so, a reasonable target area for wave (y)-down of wave [iv]down remains 1280.
It's probable that wave [iv] ended at today's low. But let's take one higher high at a time.
[1055am] SPX update -
One can count a five-down in SPX and also a five-down in ES with an extended 5th. Per the primary green count, [iv] or (a) of [iv] is likely done in the form of an expanded flat. [640am] ES update -
ES approaching the end of an impulse (green) or double zigzag (red) off its December low and wedging.
[625am] DAX update -
As mentioned on Jan 4th, DAX is gunning for its 200MA. Here it comes. Wave structure wise, we likely have a small-degree 5th wave extension as proposed in yesterday's update.
