Market Indexes: Major U.S. Equity Indexes were lower; DJTA higher
SPX Candle: Higher High, Higher Low, Lower Close - Inverted Hammer Candle
FED Posture: Quantitative Tightening (QT)
It's not the end of days by any means, but equity markets did have a poor close today. Many equity indexes opened slightly lower, traded much higher intraday, and beginning around 11 AM started selling off to close the day lower.
|SP500 Cash Index - Closing Lower After Trading Higher|
For an upward Minor 4 triangle to form lots of patterns (like flat waves or internal triangle waves) can form overlapping structures. So nothing about today's action rules out a larger Minor 4 triangle fourth wave yet. But what if this is a minute (iv) correction, with minute (v) downward to follow? Price has not upwardly overlapped any critical waves, and it has not crossed the 62% upward retrace level that we might expect for the minor 4 triangle.
The EWO is red, and still below the zero level, and, as of this time, there are only three waves up - portions of which overlap downward. The downward overlaps are not critical, yet, and do not rule out further upward movement. But downward movement is not ruled out yet, either. So, patience and flexibility are still needed in the continued choppy conditions.
Have a good start to your evening.