Market Indexes: Major U.S. Equity Indexes closed higher
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
No changes to the current count on the hourly, daily or weekly time frames. While the cash S&P500 Index was up quite strongly, the ES E-Mini S&P500 was up even more after the close of cash trading.
|S&P500 Cash Index - Daily - Likely in Minute (iv)|
With today's gap up and follow-through, we may very well be in the minute (iv)th wave. This wave might appear as a triangle and should contact the lower trend channel boundary at some point in time.
The Elliott Wave Oscillator is now on a red histogram bar.
The clear alternate for this count would that the market topped at (iii) as a truncated fifth wave, but the odds of the alternate (and the reason why it is the alternate) are very low as downward price action does not justify it yet. In the alternate, the wave x is the (d) wave of the larger triangle, and y is the (e) wave of the larger triangle. The alternate count does not work as well with the Elliott Wave Oscillator.
Have a very good start to your evening.