When Will The S&P 500 Move?

Last week, we discussed the possibility of an Elliott Wave ABC corrective phase for the market.  How wave B forms is yet to be determined, but given the range-bound price action over the last year, we could be looking at a wave B triangle (remember, triangles occur in waves B or 4).  If this is the case, then the threshold could be near, as we can count a triangle A-B-C-D-E.

If this is the case, then we could be seeing a potential impulsive wave down to finish the larger wave C.

Catalysts are hard to come by, but perhaps Jerome Powell will give the market some incentive, one way or the other on Friday.

Dr. John

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