Potential Up Channel

Market Outlook: Interim or Long Term Top Identified
Market Indexes: Major U.S. Equity Indexes closed lower; NAS, DJUtil higher
SPX Candle: Higher High, Higher Low, Lower Close - Doji Candle 
FED Posture: Quantitative Tightening (QT)

Today started out with the futures having made a deep overnight low, and an overlap of a prior wave. The DOW cash did the same.

There is still barely a potential up channel for a possible b wave of minute (iv). The channel appears in the chart of the futures, below.

ES E-Mini S&P500 Futures - 30 Minute - Possible Up Channel

The a wave is the end of the diagonal we have been writing about. Now we might get a zigzag upward. That would be a very common structure. The whipsaw action in the middle might be the (b) wave of the b wave. The triangle may not be done yet. It may be trying to waste time to insure there are more bars time-wise in the up move to b than in the diagonal down move.

The triangle isn't the only possible structure for an internal (b) wave, or it's structure could morph by quite a bit, so a lot of caution is needed in wave-counting.

Have a very good start to your evening.
TraderJoe