Less than 38% Retracement

Market Outlook: New Highs Occurred after Triangle
Market Indexes: Most Major U.S. Equity Indexes consolidated prior gains
SPX Candle: Lower High, Higher Low, Lower Close - Inside Candle
FED Posture: Quantitative Tightening (QT)

The market as measured by the S&P500 Cash Index had less than a 38% retracement today in a day of light volume consolidation. This is likely a fourth wave. A chart showing the retrace is below.

S&P500 Cash Index - Hourly - Less than 38% retracement Today

The alternation pattern provided is excellent, since wave ((2)) had a higher b wave within it as a flat, and the ((4))th wave did not have a higher B wave, but also took more time than wave ((2)). So far, this seems well within normal parameters. For an impulse wave, wave ((4)) would invalidate if it were to overlap wave ((1)).

Have a safe and excellent holiday!
TraderJoe