One Pattern Reasonably Clear

This thirty-minute pattern on the Dow is reasonably clear. But, unfortunately, it too, provides a slippery alternate.

DJIA Cash Index - Half Hour - Reasonable Counts

Because the (A) wave of the triangle starts with a flat, the triangle can also be interpreted as w-x-triangle y. So, the alternate ((1)), ((2)) count is in blue.

Yesterday, I had called out the possibility of a potential diagonal wave,  but I had said that there was a FLAT wave in the making, so it might not be over with. This morning, due to lengths, and with alternation an impulse can now be counted.

S&P500 Cash Index - Half Hour - No Overlap Impulse

Wave ((4)) does not overlap wave ((1)) in the above chart.

TraderJoe

P.S. Because of downward overlap, the Dow's current ((C)) = ((A)) count could be complete with as close a Fibonacci as you will see.

DJIA Cash - Half Hour - ((C)) = ((A))

It would be another one of those "short fours" for alternation, and a break of the channel on an hourly basis should provide increased confirmation.