Yesterday’s analysis expected more upwards movement from the S&P 500 which is what has happened. Price is on track to reach the short term target which is still a few days away.
Click on the charts below to enlarge.
Within intermediate wave (C) minor wave 1 was extended. Minor wave 3 is showing an increase in momentum beyond that seen within minor wave 1.
So far within minor wave 3 minute waves i and iii may be complete. Minute wave iii has no Fibonacci ratio to minute wave i.
Minute wave iv was over at the end of Thursday’s session and minute wave v began on Friday.
This wave count requires an end to minor waves 3, 4 and 5. Minor wave 3 is unlikely to be extended also and would most likely be 0.618 the length of minor wave 1. This is achieved at 1,693. At 1,700 minute wave v within minor wave 3 would reach 0.618 the length of minute wave iii.
Minor wave 5 would most likely be equal in length to minor wave 3, or it may be 0.618 the length of minor wave 3. If minor wave 3 is shorter than minor wave 1 then minor wave 5 would be limited to no longer than equality with minor wave 3 because a third wave may never be the shortest.
At 1,740 intermediate wave (C) would reach equality with the orthodox length of intermediate wave (A). When minor waves 3 and 4 within intermediate wave (C) are complete I will use calculations at minor degree to add to this target so it may change or widen to a zone.
Within minor wave 3 if we move the degree of labeling all down one degree and are yet to see a minute wave ii correction then minute wave ii may not move beyond the start of minute wave i. This wave count is invalidated with movement below 1,543.69.
The very wide maroon trend channel shown here is copied over from the monthly chart. We may find this movement ends as it finds resistance at the upper trend line.
Minuette wave (ii) completed during Tuesday’s session by moving sideways as a flat correction. Subminuette wave b is a 91% correction of subminuette wave a. Subminuette wave c and subminuette wave a are perfectly equal in length (not even a fraction of a point difference is between them). This is a textbook perfect regular flat correction and the subdivisions look correct on the five minute chart.
It is more likely today that minuette wave (ii) is over and minuette wave (iii) began at the end of Tuesday’s session. We should see some increase in upwards momentum tomorrow as price moves towards the middle of a minuette degree third wave.
At 1,700 minute wave v would reach 0.618 the length of minute wave iii. At 1,693 minor wave 3 would reach 0.618 the length of minor wave 1. This target is probably still a few days away.
Within minuette wave (iii) subminuette wave ii may not move beyond the stat of subminuette wave i. This wave count is invalidated at minuette wave degree with movement below 1,662.67.