ES Elliott Wave Count Alternatives
· My best practice EW count for ES is slightly different than the one for SPX in that wave (b) peaked in mid-June rather than in mid-July, as shown in the first chart.
· But ES is also due for wave c of (c) down, if b was completed on Friday.
· But it is possible to relabel the ES chart to also show (b) in mid-July as SPX, as in the second chart.
· Not that triple zigzags w-x-y-x-z could be considered as corrective structures, but under certain conditions they could also be considered as diagonal motive waves, provided they meet the rules for diagonals.
· In this case, both June and July triple zigzags could be considered as diagonals, and in the chart below I just flipped their labeling, such that the second drop in June is a corrective wave b, and the triple zigzag in the first half of July is an ending diagonal, slightly truncated, for wave c of (b).
· This is now an identical count as for SPX.
· However, in ES, brown wave i is longer than (i), which is allowed by the rules, but typically wave i should be shorter than wave (i), which reduces the probability of the brown count for ES.