The market is likely to continue to bide time till this afternoon when the FOMC makes their decision known on whether they will hike rates. Keep in mind that the statement at 14:00 will be followed by a press conference at 14:30 which has a Q&A component that usually begins around 14:40-14:45 so there is a possibility of more than one headline shock. I've advance my short term wave count a little, promoting an intraday alternate to main, where we are now due for the last leg up in wave iii. I posit that the S&P 500 is primed to like the FOMC decision today, whether that is to not hike this time or go ahead with a hike but with language that dials back the pace of future hikes.

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