Bollinger Bands are Narrowing

The daily Bollinger Bands are narrowing. Price changes are whippy. The CPI report is tomorrow morning. Some future brokers changed margin requirements prior to notification today which changed the character of the last hour. As a result, that prior high of 4,476 on the swing line indicator was exceeded higher, leaving a condition of "no-trend" for the moment in that indicator.

A 38.2% downward retracement of the prior wave (iii) has not occurred yet. It doesn't have to. A sideways triangle or an upward sloping diagonal wave could be made but any such structures would still be incomplete.

But then again, the Elliott Wave Oscillator is not yet down within the limits of a typical fourth wave (+10% to -40% of the prior third wave peak). And that also allows the continuing possibility of a flat fourth wave.

Have a good start to the evening.

TraderJoe