|ES E-Mini S&P 500 Futures Trend Line Touch|
Price still remains in Intermediate Wave (3). It can go higher. There was nothing at the close today to indicate a reversal was imminent or occurring (as far as I could tell). It's possible for the upper trend line of the channel to provide some resistance here : that remains to be seen. Persons who follow the futures will now note that in this count, Intermediate (3) is now longer in points than Intermediate (1). Some had raised a concern in labeling Intermediate (2) as a flat earlier on that then Intermediate (3) wouldn't be a longer wave. Well, there it is (in the futures anyway).
Notice that a chart like this would now not envision a final top until at least the autumn because there is no ending signature such as a diagonal or a triangle (shown) at this time. Perhaps a triangle like that would be coincident with another "sell May - go away" scenario, this year.
While the internal count of Intermediate (3) is still a bit of speculation - because there is nothing conclusive to say waves have ended yet - this is the count that best fits The Eight Fold Path Methodolgy and the signals from the Elliott Wave Oscillator on the cash chart of the S&P500, using 120 - 160 candles. As I noted yesterday, if 2347 was exceeded - which it was today - then Minor wave 1 would be moved down to the post-election high, which is, interestingly, where I had it originally.
|SP500 4-Hour Chart and The Eight Fold Path Methodology|
Wave minute ((iii)) within Minor 5 has now exceeded 1.618 times minute ((i)). It should be noted on the cash chart today - with the fresh new highs - there are no gaps above the market, and all of the gaps are below the market. Novel, huh? It's going to be fun when the algorithms go "gap hunting".
Well, have a good night and stay patient and flexible.