Market Indexes: Mixed, DJIA & SP500 new All-time High
Today's Candle: Doji
Here is an exact accounting, wave by wave on the hourly chart of the cash S&P500. It is the best I can provide. No wave has changed overall since the bottom. This morning's single wave down of -6 points was likely the C wave of a fourth wave - shown as (4) and in the vicinity of the prior wave 4.
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| S&P500 Index - Hourly - Cash |
I hope the chart really speaks for itself. We are likely now making very, very small degree waves up from (4) to (5) of ((C)) of z at this time (today's new all time after the opening gap was closed makes that quite likely). The waves are getting so small and compressed up here it is truly getting difficult to count them. It is worth noting there is very nice alternation between waves (4) and wave (2) in the current ((C)) wave of z, up.
Hope this helps, and do have a good start to the evening.
TraderJoe
TJ in terms of timings - they are expecting some thing next week or the week after on tax reform- i doubt very much that markets will plunge before that so either we have an ED (third wave in play- abt to end or ended today) or 1,2 i,ii going on for the fifth
ReplyDeleteLooks like Kim had something to say about that tonight.
DeleteIt took Reagan 2 years to get tax reform done, and he had a cooperative and functioning Congress, plus a WH full of people experienced in government and legislation. None of that exists today. To think that the current group of people in DC are going to accomplish tax reform in a week or two, or a month or two, or a year or two is a pipedream. It will never happen. The closest they'll ever come is getting some tax cuts like Bush did, which will expire in 10 years.
Deletethe way things are going nowadays in the market we may get a rally tomorrow becuase it missed the target :)
DeleteJoe,
ReplyDeleteThank you for your ongoing efforts, sharing your hard work. I get what it takes and I appreciate it.
Rick