We likely have a five-wave advance from the nominal low (Chart 1, blue), which suggests that a meaningful rebound may have begun. However, is this wave C of an immediately bearish expanded flat? (Chart 1, red).
Chart 2 presents tracking counts from the nominal high. Note that the red count accommodates the bearish expanded flat (wave (iv)) discussed above.
[1045am] SPX update-
Tracking counts on daily and hourly. See charts.
[745am] ES update-
HS pattern resoled to the downside overnight. Potential post-triangle thrust too. See chart for tracking counts from the high.
