So far, we have an inside day with traders testing both ends of the overnight range. The predicted chop is ruling the day. Traders initially took the market above the overnight high, but the resistance just above 4500 was too much, and the market turned back down to test the overnight low, which is holding so far.
This behavior leaves a triangle on the daily chart right in what would be a “4” position in Elliott Wave terms. Triangles at “4” waves are textbook Elliott, assuming we can break to the upside.
As I often note, Elliott Wave always looks good in 20/20 hindsight. I have not found it helpful in predicting the future. For now, note the observation in your narrative.
A.F. Thornton