The 'stock market by tweet' continued today. This time, a supposed delay in the onset of tariffs - and a reduction in the types of goods upon which tariffs are now being imposed - sent the news-reading bots crazy and created a higher high day. Prices rose high enough in the S&P and the ES to negate a downward count, and put into play the larger triangle we wrote about last week. Here is a LINK to that chart, and here is that triangle updated.
|DJIA - Daily - Potential Larger Triangle|
As I had written, we have not seen the "large daily triangle" before the ending waves yet. Perhaps this is it. It is certainly a whippy and news-driven environment. Will the triangle play out? It is hard to say for sure. One clue would be that the upward wave terminates at the 78.6% level, or alternatively at the prior high (as a barrier triangle). Another clue might be y = w for the ((B)) wave of the triangle.
Time will tell. Have a good start to the evening.