Is Wave 4 over? That is the question. Take a look at the chart below and you decide. I'm 80/20 on it being over based on the four points made on the chart. But there is still a potential for more downside, so trade carefully. Nothing that happened today was unexpected. Our scenario from days ago is still intact, so I'll continue to follow an analysis that has been pretty spot on for this W4.
The W5 targets that I've identified on the chart below are based on today's low being the end of W4. If we go lower, that will cause me to have to adjust the W5 targets. Remember, these targets are magnets and resistance. Just because ES gets to these targets does not mean that W5 will end. They may be the resistance that ends a fractal wave of W5, which after some consolidation the market can break through. The strongest of the targets is the 161.8% external retracement of W4. These targets won't come into play for days, but I know that traders like to look ahead and see where we might be going.
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