Market Indexes: Major U.S. Equity Indexes closed higher; NAS/NDX, DJTrans lower
SPX Candle: Higher High, Lower Low, Higher Close - Bullish White Soldier
FED Posture: Quantitative Tightening (QT)
Here is the hourly chart. The minimum objective for a c wave of minuet (ii) has been reached. Because of the length of the b wave, this upward wave can fail. It doesn't have to, but it can.
|S&P500 Cash Index - Hourly - Minimum for c of (ii) Obtained|
There could be one more up wave beginning early Monday. But this is absolutely not required. If there is, it is because there is one more wave to finish in a diagonal upward, to finish the c wave. If you have questions about this count please see the chart that was added as a post script (P.S.) to yesterday's post. If you wish to know more about how the count developed in real time, please read all of yesterday's comments. We followed all the rules and guidelines, as well as the degree considerations, and the contracting diagonal was the result.
Will it be a leading or an ending diagonal? Apart from it's 3-3-3-3-3 structure, there is only one way to tell that I know of.
Thanks and have a good start to your weekend,