Simple, the ES will rally up to the Dec 2021 High around 4,800 before the year end.
There's a large 4 W formation Oct '22 -Mar '23 , I count that as Ws 1 &2 of - what ?
a 3 , or 5 Ws, doesn't really matter actually.
The price has gone up from Mar '23 in what could be 5 Ws, topping Jul 24 ...