Market Indexes: Major U.S. Equity Indexes closed higher; $Trans, $RUT lower
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
In continued follow-through to yesterday's up move, the market, as measured by the S&P500 gapped up and made a higher high than the previous x wave of wave minute (ii). The Daily chart of the S&P500 cash index appears below for your reference. As we warned, not every stock is following in suit, and the Russell 2000, a previous upward leader, had a down day today. The Dow is still struggling to make new highs, and volume was quite low today with only ~3.0 bil shares traded on the NYSE.
 |
| S&P500 Cash Index - Daily - New local high over prior x wave |
By making a higher high today, a lot of different downward counts were technically violated including some of those from major Elliott wave services. Still, while price is over the median line of the channel, it would be best to see it exceed the prior minute (b) wave of the triangle for continued upward movement in Minor 5. That would occur above 2,802.The Elliott Wave Oscillator is green, still rising, and is now currently above the zero line.
Have a very good start to your evening.
TraderJoe
The downward counts that remain valid are W-X-Y from the 2/9 low in SPX, and a contracting triangle in the Dow, also from the 2/9 low.
ReplyDeleteWay out on a limb. on the daily chart. What about a bear nested 1-2 (or A-B, 1-2). An ABC off the late March low. A-B into the April low and a ED count ending today.
ReplyDeletewould post a chart if I could
DeleteNever mind, cannot get the relationships within the proposed ED to work
ReplyDeleteExactly! Good work. That's what I like to hear. You are well on your way to being an excellent Elliott Analyst.
Delete