Market Indexes: Major U.S. Equity Indexes closed higher; DJUtil lower
SPX Candle: Higher High, Higher Low, Lower Close - Doji Candle
FED Posture: Quantitative Tightening (QT)
Nothing has essentially changed today versus Sunday's post. It was a higher high day in price for many indexes, and the Elliott Wave Oscillator also continued to make a second new higher high - which often indicates that a third wave is in progress.
 |
| S&P500 Cash Index - Daily - Higher High Day |
The slow stochastic of the Daily ES E-Mini S&P500 Index futures continues to be embedded - another fairly strong technical sign. Price continues to crawl up the median line of the tentative channel we've sketched in. Again, we are monitoring the 100% x minute (i) level, relative to the end of minuet i of minute (iii). So far, all the parameters are being met.
The FOMC begins a two-day meeting tomorrow, and concludes with an announcement on Wednesday, and a Press Conference by Chair Powell.
Have a good start to your evening.
TraderJoe
Thanks Joe. Why can't the fifth wave be an ending diagonal and be counted a A/B/C for minor 1?
ReplyDeleteIn an ending diagonal waves (i), and (iii) are usually in "new high" territory to show their 'motive' character. We do not have that now.
DeleteP.S. This is also why it is 'so incorrect' to label the waves of an ending diagonal as (a) - (e). Some bad Ellioticians think that since they are three-wave structures, they should be labeled as corrective waves. But, the fact is ending diagonal fifth waves almost always move into new price territory. And, they should be labeled (i) - (v) to recognize their motive character.
Delete