Tuesday, July 19, 2016

Hourly Futures - 07/19/2016

Here is how the proposed fourth wave "running triangle" is working out in the hourly futures. It is "picture perfect" as regards to it's current trend lines. The spike down to 2143 (futures) made the (C) wave of the triangle on the attempted Turkish coup in the after-hours. (More text below chart.)

Already Validated Fourth Wave "Running Triangle"

As many of you know, in order for a "running triangle" to be validated, the (E) must cross down back below the prior 3rd wave, which is shown in this chart as the (0) origin of the triangle. This agrees with the same location as wave 3 on the cash chart. So, this triangle has 'already' been validated by virtue of the (E) wave already having crossed down below (0), but another wave down would provide even a "better look" to the triangle.

This is partly what is meant by the triangle forming properly in every detail. But the other portion of that is the time signature of the triangle. Note that the (A) wave is the shortest in time, and every other wave of the triangle is longer in time. This is the most common way triangles form, they "take up time".

We need to note that the (C) wave lower on the cash chart was nowhere near as deep, and so on the S&P500 30-minute cash chart, while nothing is invalid with that triangle at this time, it does have a rather "weird" look to it, and could require more downward movement.

17 comments:

  1. Thanks Joe; great work again!! I am learning every day.

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  2. Seems like TC is calling it a weak 4th wave. I guess he has come round to the P5 idea too, tough he hasn't formally admitted it.

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    1. I think they call it "damage control".

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  3. it is strange- i was looking at the futures live during coup- they never dipped as far as i could tell

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    1. You must have missed something Jack. I use my broker's quotes. They show the dip. But just in case I went to TradingView.com (free quote service), and it shows the dip. Further I went to Stockcharts.com and entered ^ESU16 as the symbol and it shows the dip to 2143.

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  4. ok thanks- must have missed it then

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  7. ES 2176 target validated .........enjoy!

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  8. Nice work Joe plz continue to post counts, following and learning regularly.

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  9. Morning. I would guess 4th wave completed and 5 underway?

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  10. TJ do you think 5th wave completed or subdividing ?

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