Market Outlook: Likely Long Term Top Identified
Market Indexes: Major U.S. Equity Indexes closed higher
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
Three FED chair persons were interviewed today, and the result, so far, is 'three-waves-up". The three waves up, so far, are: 0 = 2,347, a = 2,521, b = 2,444, and c = 2,538. That's all well and good. We do not know for certain that the up waves are complete. There was not a good clear sign of reversal by the end of the day.
Daily ES prices had another outside reversal day; this one was to the upside. Prices tried to tag the 18-day SMA but just missed it.
If upward movement should end here, then the three waves up 'could' be part still of a minuet wave (iv) triangle. And if upward movement continues, then we'll look for the best count that fits it. Right now, it's a bit of a "wait and see" game.
So, remain flexible, calm and patient.
Have a good start to your evening and to your weekend.