Close-up of the virgin space. It need not be big, it need only be valid.
Update 5:31PM: Rising Wedge. Showing negative divergence on the breadth thrust.
Price and Volume Trend shows longer-term negative divergence.
The e-minis show perhaps that the market is losing its overall impulsiveness to the upside. Each motive wave (i), (iii), (v) would no longer sport a 5 subwave impulse within each, instead we would count them as a-b-c "threes". This is how you label an ending diagonal. Wave (iv) and (i) should also overlap giving further evidence of a loss of momentum.
In theory, having each wave (i), (iii) and (v) sport a "three" is a clue in this loss of momentum. Having wave (iv) overlap (i) is another sign of loss of impulsiveness.
Here for instance is a proposed ending diagonal triangle count. We already have the (iv) overlap with (i) and legs (i) and (iii) count nicely as a-b-c "threes".
A solid break under, say, 1353 futures - or approx where the green dashed line is - might be bearish.
Dow Transports have broken down further today despite the shiny new Industrial 13K touch.