The Elliott count has been updated. The market currently remains in the process of tracing out a minor wave 5 advance off of last week’s 13773 low. I have labeled Friday’s globes high at 14059 as the end point for minute wave 1 with a minute wave 2 in progress. This small wave 2 correction has traced out waves a and b with a c wave decline underway. Support to possibly complete the move forms a zone from 13945 to 13933. A break below 13933 drops the support zone to 13912 to 13891. Once wave c and in turn minute wave 2 are complete, expectations for the a 3rd wave up to begin. Even at the minute degree initially I would be looking for the market to break above 14059 without much hesitation along the way.
January 25, 2023
Wednesday’s trade was very much in line with yesterday’s analysis, even with the adjustment ...