Daily Bias is Still Up

As long as price closes over the 18-day SMA, then the daily bias is still up. Yesterday's 'no man's land' squeeze that we showed on the ES hourly chart resolved to the upside today. So, we just keep counting until we can no longer. 

The chart below is of the SPY cash 15-min chart. A few things about the degree labels are noted below the chart. The count itself has no preference from me at the moment, so that a/i, b/ii, and c/iii are to be read as being equivalent until they are not. They are not to be thought of as 'alternates'. They are to be thought of as unresolved. Unresolved means that 1) the lengths can still be developing, 2) there is no reason to assume upward (or downward) price movement is over, and 3) there are no disqualifying overlaps.

SPY Cash - 15 Minutes - Local Count

Some notes about degree labeling:

1. Within c/iii wave ① is smaller in price and time than i.
2. Wave ② is smaller in price and time than b/ii which is a Flat (just a compound Flat).

We also note that today's wave is entirely above a 0 - b/ii trend line at this time. Wave a/i is a true diagonal, and diagonals are often a waves, but that does not mean price cannot go over the top if it measures as c = 1.618 x a.

Have an excellent rest of the evening,

TraderJoe