Interesting set up here. Not very confident on any call given that it's difficult to count this as an incomplete corrective 4 wave or a minor 2 retrace from the 3/26 low 4/5 high EW wise. Very choppy in the ES but the action over the last 4 days counts well as a corrective zig-zag (which could morph into an impulse with a breakout higher.
The ESM17 hourly chart printed a TDSEQh13 sell signal (Perl's settings) at 5:00 am CDT and then continued slightly higher, but key resistance levels hit around 2349 & 2353 ESM17 and it has peaked just short so far, so we could see a little more up. The 10 min chart had a TD Combo sell 13 print at 4:40 am. A price flip on the hourly (close lower than close 4 bars prior) would likely be the tell.
Whether this is just completed a wave 2 down after the 3/27 low, or this is a continuation of Wave 4 from the March 2 peak is an open question.
An hourly close below 2325.85 in the SPX would be a clear sign that wave 4 continues, as it would trigger a TD Propulsion™ downward thrust signal with a minimum target of 2269.62.
If we are seeing a thrust out of a triangle on @ESM17 the minimum target there would be around 2279 which isn't that far from the minimum TD Propulsion™ target.
Norm Winski noted on Larry Pesavento's TFNN.com show this am that he had an "ideal" 2354 resistance target here (high was 2352+) in the SPX before a trend change in the timeframe suggested by Pluto turning retrograde in Capricorn today.
Hurst is slightly inconsistent on the short term between SPX and INDU with both showing some short term weakness (day or two) so a breakout higher at this point does not appear likely, but the composite line does not show a thrust down. However, the 20 week cycle low would probably move and the phasing would change if a thrust occurs.
Jack be nimble, and quick! (and snug one's stops) I just got a TD Analog sell signal followed by a trend exhaustion signal and then a TD Price Flip™ on the 5 min ESM17 chart at what would be a logical place for minuscule b to print with a c down to follow.
