Marginal Higher High - 2

A lot of hot air went into FED Chair Powell saying, essentially, "the economy will likely rebound from pandemic conditions, and we're not changing rates while it does." Simple enough. Stocks made another marginal new high on the move. So, yesterday's price chart remains the current count.

ES Futures - 2-Day - Still in the Wedge

 

So, now we'd had the fact of a third stimulus stimulus, and the FED's statement and news conference. Let's see (tap..tap..tap..). What else is on the horizon? Well, there's the possibility of an infrastructure bill, but that is probably down the road a bit. It's not that prices can lift off on their own, I'm just looking for possible announcements to keep in mind.

Meanwhile, in the comments we were only able to count "three-waves-down" on the smaller ES 15-minute time frame. We posted that, and even posted that most likely the one-minute diagonal we counted yesterday was 'most often an A wave'. It was. Then, on the ES 4-hr chart, this possible count to a Minor B wave was suggested.

ES Futures - 4 Hr - Possible Minor B Wave?

Again, because this count involves a possible diagonal - just for the minute ((c)) wave - then it must form properly in every detail. Such a chart would look better if there is some digestion of today's gain, and then the length of a fifth wave v would have to remain shorter than wave iii.

Well, we'll see how it goes. Have a good start to the evening.

TraderJoe