Thursday, July 20, 2017

Added New Wedge Line

Market Outlook: Marginal new highs still possible.
Indexes: Dow - no new high today; S&P500 new high, NQ futures new high

Added a new potential wedge line to the ES E-Mini S&P500 Futures 4-Hr Chart, below.

ES E-Mini S&P500 Futures 4-Hr Chart : New Potential Wedge Line Added

There's a good possibility the market will finish a fourth wave lower tomorrow which would be c of (iv) in the above chart.

The Dow's count remains in a "b" wave, as below.

DJIA Cash - 4 Hr Chart - Still in b Wave Lower

Today's S&P500 Cash Index high was less than one full point from the 1.618 Fibonacci extension we showed in the weekend video. As Dirty Harry used to say, "are you feeling lucky, punk?" If you are, it's OK. Just watch things closely.

Have a very good start to your evening.
TraderJoe

3 comments:

  1. A recognised market timer foresees a possible important top/turn of market for the next Monday 24th. Do you think that there is enough time to finish the count?. Many thank you.

    ReplyDelete
    Replies
    1. We still have another 10% rally in the S&P before we should start looking for a turning point. Markets are complacent, but we are in the last stage called the 'fear of missing out.' Markets are acting very similar to 1929. The crash ahead should be historic. But, looking for that crash to happen by Oct or Nov.

      Delete
    2. Off course, we are talking about the (v) of 3 top, not a major top (v) of 5.

      Delete