It's Summer 🔥

Readership is down as is usual at this time of the year. Everyone's hitting the beach or their camp to try to stay cool in the heat dome. The tried and true 'Wall Street' expressions of Sell May & Go Away did not work again as they have failed so often. So, we'll just chill and show you the same chart we have been showing for months and months, remembering that since there are so many years now involved, including years in which inflation was rampant, we have switched to log format as Elliott advises.

We have been counting this wave using 'degree labeling' the way it is defined: longer waves are higher degrees. Thus, Primary ④ down is longer in time than Intermediate wave (2), down and longer in 'log price' or percent change. And Minor A wave up of Intermediate (3) is shorter in price & time than all of Intermediate (1), up, the prior highest degree wave in the same direction.

So, if we have entered Intermediate (5) of Primary ⑤, as the new roll-over futures high suggests, then Minor A should remain shorter than all of the previous Intermediate (3), the prior higher degree wave in the same direction. We are looking to confirm its closure, now, along the upper diagonal trend line. And Minor B should remain shorter in log price than Intermediate (4) down - the prior higher degree wave in the same direction.

If and when Minor B gets under way, we just provide the reminder that it could be "any three". It could go over the high again in an expanded flat. Or, perhaps more likely, it could be any of several types of triangles. Those triangles could potentially take months if they occur.

So, drop another cube in the lemonade. It may have to last a while. Have an excellent rest of the weekend.

TraderJoe