The cash S&P500 moved higher to open the week but essentially ran in place yesterday on anemic volume. With volume expected to be light over the next few sessions due to the festive holiday season we may have to wait until the New Year to get moving again.
If the contracting triangle scenario is complete then we have the daily chart marked as shown. The triangle would be wave “4” within a larger five wave impulse structure.
My next series of posts will explore the larger Elliott structures in the S&P500. I will begin with a discussion of the new yearly chart on New Year’s Day.
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