Market Indexes: Major U.S. Equity Indexes were higher; RUT, NQ (futures) DJ Util lower
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
It's not for sure yet. There still is some room. But, if the Russell 2000 were making a diagonal instead of a triangle, then it 'can' be counted as completed.
|Russell 2000 Futures - Daily - Completed or Nearly Completed Diagonal|
Remember, in such a count, wave (v) must remain shorter than wave (iii). In the above count, the b wave of (i) is a flat, but the a,b,c within (i) would be a zigzag. The other waves seem like pretty clear zigzags. In the above count each of the waves (i), (iii), and (v) does make a higher high than it's predecessor - showing their motive character.
With regard to the S&P500, today's gap up wave becomes very important. We were able to count a five wave impulse upward today that could finish the wave, but downside price movement was not enough to create an outside reversal day down. So, while price movement could continue lower tomorrow, the failure to close the gap today leaves a possibility of a higher high, yet. More on that one later.
Tonight, the ES futures settled above their upper Bollinger Band for the fifth consecutive day in a row The odds of this happening (assuming stock prices are distributed normally) are exceptionally low - about 1%. Of course, we almost all know stock prices are not distributed normally, and instead have "fat-tailed" distributions. The large prices movements - both positive and negative ones - happen more frequently than the normal distribution would predict. This is why an occurrence of this type, with only about 1% odds of happening by random chance, can happen right in front of your eyes.
Tonight might be another one of those good nights to check in on the futures a couple of times to see if anything invalidates in the after hours.
Have a very good start to your evening.