Market Indexes: Major U.S. Equity Indexes closed mixed
SPX Candle: Lower High, Lower Low, Lower Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
We noted in Friday's update that there were, in fact, several ways to count the down trending fourth wave. Further, we said lower lows were possible. They were, and they occurred today.
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| S&P500 Cash Index - Hourly |
As you may know if you followed the intraday price behavior, there was a gap open lower, and a rebound. And, the gap was not firmly closed on the hourly chart. There is still the possibility of move downward movement to make the 38% mark. But there is also a way to count in which the down move is over. And that description seems to fit the slow, undecided and overlapping nature of the decline.
Have a good start to your evening.
TraderJoe
I think you will get your 38%. A good source is suggesting /ES 2730
ReplyDeleteMinute circle i is 2741.25 on 5-14, ES is down 22 points (2755) at 10:00 pm est. See what the morning brings.
ReplyDeleteoverlap
DeleteThanks Joe. I still favor counting the move from 2/9 to 6/13 as a b wave flat. If today is a gap and go to the downside, then that would indicate that we're in a wave iii from the 6/13 high.
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