Market Indexes: Major U.S. Equity Indexes closed mixed
SPX Candle: Higher High, Higher Low, Lower Close - Yin-Yang Candle
FED Posture: Quantitative Tightening (QT)
Cutting away the wheat from the chaff for a moment, there is an important measurement to share in the cash S&P500 Index. Looking at the stripped down chart below (but still continuing with the long standing count out of the Minor 4 triangle), we can now find that, if we are open-minded, then it is possible for a minute wave (iii) to now be 1.618 times the length of a minute wave (i).
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| S&P500 Cash Index - Daily - At Minute (iii) = 161.8% x Minute (i) |
This is a very, very important measurement. It means, with the Elliott Wave Oscillator green and rising, that we may not have entered the minute wave (iv) yet, on this index. That may be ahead.
The measurement is both objective and indisputable as shown. I doubt others will show it to you. It also means we may continue with the channel as originally drawn, and, as below.
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| S&P500 Cash Index - Daily - Channel Overlay |
We are in the neighborhood where minute (iii) can be ending. Has it definitely ended yet? Will there be a turn-around Tuesday next week? Those are all good questions.
For now, have a very good start to your evening and your weekend.
TraderJoe
ET, If I measure the triangle from the bottom of (e) than we have a peak. If I measure from the break out point than I come up with 3020.
ReplyDeleteWhere should I measure? Should the Fibonacci points line up close to triangle measurement?
It's impossible to provide that much exactitude.. even though I know that's what everyone wants. Triangles and diagonals provide the uncertainty that keeps the market 'game' going. That's what the 4th wave conundrum is all about.
DeleteThank you ! I like the accuracy of these posts that you offer us. Have a great weekend.
ReplyDeleteThanks for saying. Good weekend to you too!
DeleteI find it interesting how closely the structures and Oscillators "shape" compare between the DJI and SPX, with the former shown to be completing wave 5 while only in wave 3 for SPX if I follow correctly. Seems the SPX could fit the same scenario as DJI.
ReplyDeleteJust my observation.
Thanks
1) They don't have to top at the same time, and are likely, in fact, not too. 2) The S&P never made the lower low like the Dow.
DeleteHi, thanks for showing this measurement.
ReplyDeleteAren't there degree violations with this count? Both inside minute (iii) itself and between minute (i) and (iii)?
Have a nice weekend you too!
Erik
None that I see. Every up sub-wave 'can' be counted as shorter than (i), and every down sub-wave still shorter than (ii).
DeleteHi Joe,
ReplyDeleteThanks for sharing.
Two question:
1. Why you mention (iii) could potentially end on Tuesday, why not on Monday, Wednesday...?
2. When (iii) end should it make a high higher than Friday's high 2941? and (iv) should lower than 2886?
You have a wonderful weekend!
1) those were questions not answers, 2) probably. You have a good weekend too.
DeleteThank you. I like this count. Fits with the current market behavior, imo.
ReplyDelete