ES emini wave analysis from 3693 low

CME_MINI:ES1!   S&P 500 E-mini Futures
This whole rise has from 3693 low (yes, not the actual low at 3639. Refer: wave 5 truncation) has been a 3 wave move so far.

Wave 1/A has been a clear 5 wave followed by an extended 3/C wave with the iii of 3 extension.
The 3/C wave ended with wave 5 as an ending diagonal .

Now, the fall from the absolute high of 4327 has been impulsive so far with a series of 1-2-i-ii.

The first target post a completion of 5 waves up is the range of the 4th wave of lower degree. This comes at 4113-4080.
This level also coincides with the 0.382 retracement of the entire rise from 3723.

Given that the entire move from the top is impulsive, we can expect a minimum of a 5-3-5 correction. After that is done, we can evaluate if it evolves into a further decline, or pushes towards a new high.

Summary: Target - 4080. Further decline to be evaluated based on the evolving structure after that.



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