The Wedge Count

Today's higher highs came on the additional actions by the U.S. Federal Reserve. However, on the ES 2-Hr chart, below, they are diverging (currently on the Elliott Wave Oscillator), and the majority of the day's volume is classified as down volume, not up volume.

ES Futures - 2 Hr - Wedge?

So far, if this is a Minor C wave up, then it has taken more time than the Minor A wave, up, as well. Wave minute ((v)) of C can be classified as over in one count we posted today, or it could have one more spike higher.

Bottom line, today, was that 'significant' down movement really didn't start today yet. If this is truly an ending diagonal C wave, then it would be expected to retrace all of Minor B in less time than the C wave took to form.

Have a good start to your evening, and to your long weekend.

TraderJoe