Like an 'eighties John Travolta movie with Bee Gee's soundtrack if this market decides it is Staying Alive then this would be the best alternate I can offer on the ES daily timeframe. The market has been very hesitant and whippy in its declines. There is some possibility it is a fourth wave.
The down wave is the longest decline on the chart in the up series from April already, so the degree may have turned. But it has not yet overlapped - a key sign of a loss of momentum. The down wave might continue to the 18-day SMA (see prior posts) or it may go much farther than that.
The MACD has only just curled over from its high peak reading. Yet, the wave is currently in a parallel that we will acknowledge until/unless broken lower.
And wild cards are 1) the FED meeting minutes tomorrow, 2) NVidia earnings after the close, and 3) the geopolitical news background.
Again, nothing lower will surprise me but did I want to cover my commitment to review reasonable alternates to the wave count. And, if the third minute wave is shorter than the first minute wave, then the fifth minute wave should be shorter than the third if it occurs.
Have an excellent start to the evening,
TraderJoe
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