ES Daily Harmonic Elliott Wave Analysis

Overview: the price action is nicely following our expectations. Let's review a note on the weekend update: "I believe we are in wave a of (III) of a of Z." This morning, I had the following count on SPX and expected wave b of (III) to end on either 0.236 or 0.333 retracement of wave a of (III).


Update: today, we tested the 0.236 retracement (4056.5) and formed a head & shoulders pattern. The structure of wave b of (III) has completed a double zigzag so far and absolutely can be considered as a complete structure. However, I believe wave b is not complete yet and I expect it to turn into a triple zigzag retesting 4076.75 area. If we break the upward channel decisively, then wave b is complete and we have started wave c of (III). Note that based on the price target of the head & shoulders pattern, I believe the second wave X is yet to be complete as shown on the 5-min chart.