The stock market - measured by the cash S&P500 Index below - spent the day trying to cross the finish line and make a fifth wave new high on the intraday five-minute chart to finish the Minor wave B. (Also the minuet (c) wave and minute ((y)) wave of Minor B - shown in previous charts - would finish here too. They are not shown to reduce clutter.)
 |
| S&P500 Cash Index - 5 Minute - Up Wave |
With narrow breadth of about 1,630 to 1,336 and flat momentum, stocks wheezed higher on this index, while the DOW finished down for the day.
As you can see from the above chart, the 78.6% retracement level was attained, and that is a location after which a truncation can occur. If it does, fine, we're done. But, we should let those 'powers-that-be' - whomever it is that can create the up gaps on the low overnight volume - see what they can do on Sunday night. Maybe they'll get it over the high on Monday; maybe not.
It certainly has been a weird wave - possibly countable as an expanding diagonal or part of a triangle - and very intractable to due to the internal whip-arounds.
Have a good start to the evening and to your weekend.
TraderJoe
Hi TJ. Thanks for the analysis. Always appreciated.
ReplyDeleteI was thinking that wave iv turned into a zigzag-flat combination, ending about 3pm yesterday.
Here's the Sunday open, with the intraday wave counting screen, daily pivot points (classical calculation) and closest in fractals.
ReplyDeletehttps://invst.ly/rhtl1
TJ
There is now an ugly way to count a triangle wave iv, with c above a.
ReplyDeletehttps://invst.ly/ri4kc
TJ
So you see the overnight move down in futures as 3 waves, not 5?
DeleteThanks
..yes
DeleteSP500 cash does have the new high.
ReplyDeleteAt this time, futures have yet to surpass the 15th peak.
ReplyDeleteThere is a new futures high..
DeleteSo we should now be in w5 of (c) of ((Y)) of B?
ReplyDeleteYes .. smaller letter ((y)), minute ((y)), but otherwise correct.
Delete