Market Indexes: All major U.S. Indexes lower
Far in advance of today, in the weekend video, I showed this count of the ES E-Mini S&P500 Index futures. Since publishing it, my stance has been cautious. Here is that chart.
|Es E-Mini S&P Futures - 2 Day Chart - From Weekend Video|
No one I know of on the web has shown you such a detailed picture of price movement with a clear and documented reference from a published Elliott Wave analyst right along side it. As far as we can tell, the wedge in this configuration just clearly ran out of time.
Further, in previous clear blog posts I suggested we were in a triangle, and that the triangle had likely completed. Today's new high was likely the thrust out of the triangle. During the live chat room, the triangle was modified to show a barrier triangle - and one quick five-wave thrust out of it.
That modification is shown below on the hourly S&P Chart.
|SP500 Cash - Hourly - Barrier Triangle|
Trading below the (e) wave of the triangle, and below all of yesterday's price action likely indicates the reversal. Today was a throw-over the wedge, then reversal, and the reversal is of significant concern.
You'll note that I stated there is a 90% chance that the wave count for Minor 3 is completed right here. I will up that to 98% once the E-Mini S&P500 Futures overlap wave wave (iii) at the 2450 level. I am actively looking for other alternates. I see one. I has to do with the fact that Neely shows that the wedge trend lines do not have to be connected to the origin or zero point. But, I will not be discussing that one until / unless higher highs are made.
Today's losses supposedly occurred on saber-rattling between North Korea, and the U.S. If only it were sabers! Stay safe. Be good, and be flexible for the time being. We hope to be able to show some price confirmations, soon!
Have a good start to the evening!