|ES E-Mini S&P500 Index 4-hr Rising Impulse Wedge|
We were expecting a fourth wave in the sharp class (or triangle), and that is apparently what we have gotten. Prices closed up +2.50 in the futures, but the volume was terribly low (only about 842 MM contracts) which compares to volume around the New Year's Holiday, not typical trading at all. NYSE stock exchange volume has dropped to 2.77 Bil, much lower than the 4 - 4.5 Bil which reflect more usual levels.
On a different topic, the U.S. Dollar Index (DX) this morning did hit that 1.618 Fibonacci level, at 94.800, and bounced off of it. It's worth watching to see if we get that minute four correction.
Well, have a very good start to your evening.