Direct day which started immediately with euro morning with DAX rally, first response was immediate 100 points with German opening bell, yesterday 0.886 retracement kept it. It broke internally for something which reminds more impulse all the way up to the US opening but also stopped proceeding further after first hour giving only very small points anymore during US hours and also started to consolidate all the rest of the session and even heading lower. For this reason SPX had a little bit troubles to rally either further, the day was pretty much done for opening bell allready or during session first minutes & hour leaving only marginal points to be done for later session.

My thought is that this was first A wave which could lead for 1290 – 1303 area. Then retrace back again as B wave, and finally C up would follow which might be longest leg of this zigzag, 1313-1323 ?

However, before third upleg of the zigzag I think options will need to expiry first, this might mean pretty silent week since it suggest we are in tight range with this ZZ.

This would fullfill one zigzag sequence. Oil made quick reversal today also, but many oil stocks didn´t participate for it much like that ROSE. I didn´t come up with any other idea so I bought AKAM with Sma200 line because it chart sit well for WXY daily chart correction, took that also from aftermarket. Also skipped so far this AON set also to wait higher B wave.

All different timeframes are beautifull conflict now with RSI like things are with zigzag waves. Hourly is bullish however and that´s most important one.

Overall very neutral now, possible B up wave on the progress. This is less exiting market for summer time since it room appears to be somewhat limited in this range where temporary top is placed. Germans and French will have 6 week holiday and at some stage this market might park for long time for very tiny range.

Very possible this daily chart IV contracting triangle is building also with these 3 wave movements but in that case we are still at very, very early stage of A and B wave only. Summasummarum: Dax appears to know this market better anyway as SPX does since it has been leading it now for 6 sessions allready. Today it also marked internal top earlier than SPX did and this might come an issue to another direction also, some day.

Looking another positive session for tomorrow, but much less dynamic as today was, at least 1290-1295 could be in order book.