Short-term, I favor a stall or retrace into Monday before making a new high around Tuesday. As to overall form, it looks like an impulse is developing off of the October 27th low. As to what to call that five, I’m starting to warm up to the alternate from the daily SPX chart which calls for an eventual new high for [b] over that of the late July high which would make this advance late in wave (I) of [V]. Yes, I know that means lowering the degree labels on this chart to sync up with the larger time frame charts.
Here is a weekly Nasdaq 100 futures chart that illustrates what I’m warming up to. Notice that NQ does not have the sloppy overlap in the proposed wave [IV] that SPX/ES has.
Checking in on bonds, they hit the next overhead target which isn’t a surprise. Now allow for a minor retrace.