Market Indexes: Major U.S. Equity Indexes closed higher; $DJUtil, lower
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
Stocks opened the week with a gap up and traded higher. The continued daily chart of the S&P500 Cash Index is below for reference.
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| S&P500 Cash Index - Daily - Gap Up |
Today's prices both traded above the mid-line of the channel, and closed above it, as well. There does not appear to be anything out of the ordinary that would rule out being in minute (iii) of Minor 5, as was written about over the weekend. Trading over the prior 'x' wave, and then the (b) wave at 2,802 would likely confirm it.
The Elliott Wave Oscillator (EWO) is green, rising, and continued to make progress.
Price had a good start to the week. I hope you have, as well.
TraderJoe
Boy the Dow is getting left behind.
ReplyDeleteSo far. We'd agree. But remember, one topic no one is talking about is Elliott's "orthodox versus nominal top". You don't hear it from traders. You don't hear it from major Elliott Wave services. But I'd suspect we're going to visit that topic in the future: that is, one or more indexes might fail.
DeleteJoe, I'd like to clarify something. In your 7/7 post, you said that the 2791-2692 decline can be counted as an expanding EDT, and your description said that the 6/19-6/20 rally was wave iv of the EDT. However, you previously said in your June 26th post that the 6/19-6/20 rally contained too many overlaps to be counted as a single zigzag and had to be counted as a triple zigzag and therefore could not be part of a diagonal. So, are you now saying that double or triple zigzags can be part of a diagonal? Thanks.
ReplyDeleteNo. I found one way to count the 6/19 - 6/20 rally as a single zigzag, involving a smaller diagonal and a flat.
DeleteHi Joe, haven't posted in a while, for which apologies.
ReplyDeleteI would like to understand why your 'smaller' triangle end at early May is more preferable than the the possible minute (ii) of Minor 5 end?
Hi. As I stated in prior posts, the smaller triangle agrees better with the Elliott Wave Oscillator. In a triangle the wave (d) location should have a lower EWO - which it does in the smaller triangle only. Next, triangles can only be counted in the $RUT and the $NDX if the smaller triangle is used.
DeleteThanks very much for the explanation Joe. I hadn't considered the EWO. Still a lot to learn from my end.
DeleteSomething is not right if this is a iii. There are way too many growth stocks that are not working. There are very few breakouts and stocks that do show strength are getting sold.
ReplyDelete