Still More B Wave

Market Outlook: Now Getting Higher Volatility  
Market Indexes: Major U.S. Equity Indexes closed mixed
SPX Candle: Higher High, Higher Low, Higher Close - Doji Candle
FED Posture: Quantitative Tightening (QT)

In likely more of a continuing .b wave, stocks were lower, then higher, then closed about unchanged. It would not be good to read too much more into it that that at the moment. Here is the daily chart of the S&P500 cash index for reference again.

S&P500 Cash Index - Daily - Doji Day

The Elliott Wave Oscillator continued as red, declining, and above zero. Internally, the .b wave can have the beginnings of an hourly triangle, but it would have more work to do to prove out such a triangle, and it does not have to. So far, the wave continues to find both resistance and support at the mid-line of the channel we have shown above, with four closes very near to it now.

The .b wave can go on for quite a while, if it wants to - perhaps even up to the next FOMC meeting. But again. There are no requirements (other than a three-wave sequence). It is most likely that minute (iv) would have a notable "three wave" look to it, and that is not the case yet.

Have a very good start to your evening and stay as safe as possible.
TraderJoe