After a couple of months we have achieved the minimum area we were looking for to complete a ending diagonal in the daily chart. Since rebound from May 7th, the market has moved in a magenta wave "c" of wave (v) and we have already reached 18352. Technically speaking, the ideal is that the magenta wave "c" continue towards 18457-18484 zone and make it in 5 waves as initial magenta wave "a" was in five waves.
In the short term, we have entered into ranges because today the Federal Reserve will release the Minutes of May's Meeting. It becomes very important as the market expect some indication whether interest rates will rise next month. While we are above the wave "b" at 17917 the index should continue to rise even unreliable the market turn to complete the diagonal and breaking upward completely. Until we see the bearish reaction and have a good confirmation that the wedge is completed we can not sell the market for any reason.
For now we must wait to see what happens when the market reaches 18457-18484 area, if we have a strong rejection from that area, you're likely to have completed the diagonal of the daily chart.
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