There's no five-down (yet) in SPX (Chart 1), but a five-down in ES which also presents the possibility of a flat-down (Chart 2). Thus, the market is leaving the door open for a 4th wave retrace (Chart 3 and Chart 4), whether it is shallow or deep remains to be seen.
[1025am] SPX / ES update -
[710am] ES update -
The longer the upward subdivision stretches on, the more likely ES is at the green 5 rather than the black [iii]. See charts.
