Nov. 12th – ES

On the ES, I have changed my alternative red count to my preferred count. The move that is now labeled as wave (4) and previously as ((4)) seemed too small for a wave ((4)), so I feel that Wave ((3)) is still in progress. I have labeled the inners of wave (5) of ((5)) and I am expecting one more leg up to complete the sequence of 5 waves. After that, we should see a larger decline for wave ((4)). For now, there is not much for us to do but wait for the price action to show us that indeed ((3)) is in place and wave ((4)) has started.