EW Frustration

My key frustration with EW is that waves are not "confirmed" until after the fact. This gives EW technicians a ton of flexibility to alter their respective wave structures. That being said, I am no longer thinking that we are in 3 of 3 of 3 of 3 of 3 (or whatever you want to call that big ugly wave that permabears have so patiently awaited.) Rather, I think what we just experienced is a 1 which finished this morning at the 1037 low on the Emini.

2 should retrace a good chunk of the move from 1130ish to 1037. My target range begins with 1063 (top of gap created yesterday morning on the cash) and reaches upwards to the 1085 level ( an even number above the 50% retrace)

See chart below: