Market Indexes: Major U.S. Equity Indexes closed mixed
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
Today was a higher high day, then a narrow range day. The higher high was the "minimum requirement" for counting 'five waves up' - likely to a first wave of the minuet (c) wave of minute ((d)). Here is the daily chart.
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| S&P500 Cash - Daily Chart - Likely Triangle |
One caution we might provide is that due to the narrowness of today's range late in the day, we may still be the fourth sub-wave of the first wave up. Here is what I mean using the ES E-Mini S&P500 Index Futures as an example.
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| ES E-Mini S&P500 Index Futures - 5 Minute Chart - Possible Sub-wave iv Triangle |
Today's higher high is to the left. Like the larger potential triangle, this potential sub-wave triangle can expand and contract a bit, if it likes, as well. Therefore, the labeling is tentative. But, if a triangle does form properly, followed by another higher high, then most likely the first sub-minuet wave up would be complete at that point, and one might look for the sub-minuet second wave downward.
If a triangle doesn't hold, then look for a potential flat wave.
That's it for tonight. Have a very good start to your weekend.
TraderJoe
Hi Joe,
ReplyDeleteWas just wondering with all of the chopping around if the likelihood of the EWI count vs Int 4 has changed at all?
Really depends on if brown (a) is exceeded higher, as EWI has that as a Minor wave 2, in a double zigzag.
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