Wednesday, April 19, 2017

Count Continues - 6

ES futures were higher overnight, but closed lower on the day, along with the cash S&P 500 index. The DOW actually make a new DAILY low today, lower than the March 27th low, but no gaps were filled as the result of it. First, here is a daily DOW chart showing that new daily low.

Daily DJIA - New Daily Low versus March 27th

Now, here is the count on the ES E-Mini S&P Futures as was posted in the live chat room today, as of the 4:15 PM settle. Notice the current count from the April 5th high forms the descending brown channel shown.

ES E-Mini S&P500 Futures - 4 HR

This count makes it clear, the invalidation point is now over 2350, basis the futures. Tomorrow, the only difference is I will be posting an 8-hr chart instead of a four-hour chart, so as to reduce the number of candles. The count will not change without my informing you. Price still has lower highs but needs the lower lows.

Target for the downward wave remains at lower than 2504 for the ES future, and the DOW's lower low helped make that case today.

Have a very good night.


  1. Thanks Joe. Always grateful for your posts. As I am interested in the longer range count, am I correct in concluding that, when this current wave down ends at circle v, that will also complete the minor 1 wave down of Intermediate wave 2? Or, am I totally off base?

  2. Thanks Joe.
    Yesterday down leg, in s&p and Nasdaq-100 counts very well as a triple zig-zag, but not so well as a inpulse for iii of (iii). And some overlaps that gave reasons to doubt that impulse as valid. That is what I'm thinking (may be wrong).

  3. Joe,

    Do you mean 2304(not 2504) for the lower wave target?