When Will The S&P 500 Move?

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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.

spx_2023-05-16_18-23-23.png

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

spx_2023-05-16_18-29-23.png

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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