Tuesday, April 4, 2017

Cleaner

The Dow Jones Industrial Average can be counted a little cleaner than the S&P500. This chart, for one, does not have a nastily truncated fifth wave of minute ((a)).

DJIA - 15 Minutes

The downward wave to minute ((b)) might be over, as there are five countable waves up in an expanding diagonal. I have left the data points on the chart to show that within this wave, wave ((5)) is longer than wave ((3)), wave ((3)) is longer than wave ((1)), and ((4)) is longer than wave ((2)), wave ((4)) overlaps wave ((1)).

There are other ways to count, but the chart suggests any higher high than minute ((a)) would likely confirm the minute ((c)) wave in progress.

The S&P500 may have an upward diagonal in progress, but today's highs have to be exceeded for it to work properly, yet.

For now, flexibility and patience remain the watch-words. Have a great night.
TraderJoe

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