Neutral - 2

The hourly S&P500 cash index, the chart of which is below, continued in a mixed picture. It was correct to call yesterday's chart as neutral. There were no fractal breakouts today in either direction, and 2,765 has continued not to be broken to the downside as of this time. The result was that two more hourly fractals, one up & one down, were added closer in.

S&P500 Cash Index - Hourly - Neutral

At least today, we can present a more well-rounded look at the chart from the March 22 interim high. From the five waves off the high, i - v, there appeared the flat wave that we called for after the end of Monday's session. Then, yesterday and today, the chart counts best like there are only three waves down, so far, to yet another 90% wave at the low of today. So, the first flat may only be the a:3 wave of a larger flat, and today may have ended the b:3 wave.

So, there could be another overnight gap up and some follow-through to either a c:5 wave to end a larger overall flat, or there is a less likely probability of a triangle - only less likely because usually triangle waves are not 90% retraces.

Once again caution is the by-word, and patience & flexibility are your key tools to success in wave counting right now. Any close below 2,765 would still turn the chart much more negative.

On another note, from the double zigzag upward in Gold we pointed out on the 4-Hr chart, there has been another higher high, and a retrace to the lower channel line again. From strictly a 'rhythm' or 'time' perspective this seems like the a & b waves of another zigzag. But this needs to be watched closely as any close below $1,300 would likely mean the triple zigzag has already ended. If there is a high above $1,320, first, then that means the triple zigzag is continuing, but just remember, it is an oddity of "z" waves that they have a propensity to fail.

GC Gold Futures - 4 HR - Potential Triple Zigzag

Have a good start to your evening.

TraderJoe