Whippy

Today was whippy - as we warned. The news background fosters it. The brokers love it. The odds are all in the middle-of-the-road here. Play at your own peril. There are only certain markers that will establish new wave counts: higher than the prior all-time-high or lower than the prior two-day fourth wave low, below (use OHLC for the exact number). Simply said, nothing in the last couple of days has changed the progress of this wedge.

It really is that simple. You can make more of it or less of it as you like. IF the new high is made and there is not the failure, then it might also be possible that minute wave-iii, circle-iii, will get an extension. But the new high remains to be seen first. We'll address any extension later. Things are already incredibly overlapping in the ES futures - which tends to indicate some exhaustion going on.

Have an excellent start to the evening,

TraderJoe