Likely Wave (iv)

SPY 1-Hr: the fourth wave continued to develop today, and has at least hit the 23.6% retrace late in the day after making a near-equal high. Price is fighting a battle at the 100-day SMA on the ES futures.

SPY Cash - Hourly - Likely Into Wave (iv)

The near equal high permits a Flat wave to be constructed, and this would alternate well with the sharp second wave (ii). Locally, it would be great to see the Elliott Wave Oscillator tag the zero line - or a little above or a little below, and possibly for price to cross the EMA-34 which it has not done yet.

The daily slow stochastic remains embedded and since price is above the 18-day SMA the price bias is still said to be up.

Prices were quite whippy today in a session designed to chop accounts as much as possible. Note that as of the cash close, neither SPY nor ES made a lower low than it's opening price lows on an OHLC chart (even though that looks like the case on the close-only chart).  In addition to the Flat, some sort of triangle can not yet be ruled out until/unless there are lower lows - it just doesn't look like a contracting triangle on the futures chart at this point.

Have an excellent start to the evening,

TraderJoe