The decline from the overnight surge is likely wave (c)-down of a potential correction (Chart 1). Whether it is a flat, triangle or double three remains to be seen. Chart 2 offers a squiggle count on the SPX cash index.
[11am] SPX update -
[9am] ES update -
The overnight gap is getting filled, raising the likelihood that the surge is a small-degree 5th wave (Chart 1, green) or wave 1 of the next upswing (Chart 1, blue) in ES. Depending on where the cash market opens, and if the fading continues, it would fit as wave C-down of wave [b]/[ii] retrace. See this chart
Chart 2 shows the larger tracking counts.
