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| ES Futures - 30 Min - Diagonal & Correction |
Wave v is lower than iii, wave iii is lower than i, wave iv overlaps wave i and is shorter than wave ii. The kicker once again is that wave ii is the largest retracement wave on the board.
Following the diagonal there is a range-bound correction within the 62% retracement. It may or may not be over. The last wave up is very, very choppy so the 2,765 level needs to be watched closely.
Have an excellent start to the evening.
TraderJoe
So this range bound correction wave is wave 2 in an overall upward trend?
ReplyDeleteSee comment below yours @ 6:27 PM.
DeleteI now believe with the higher high tonight - resulting from releasing the phases of re-opening the economy, it is best to conclude that the entire move up in the wedge is "five-waves-up" with a triangle in the fourth position. See chart below.
ReplyDeletehttps://invst.ly/qh18c
TJ
is it an upward count (higher degree move up starting from march low) or a b wave based on your chart i cant tell
DeleteAn extended 1st wave I assume.
Delete@GreyW .. yes x1.
DeleteUp into horizontal resistance.
DeleteThis comment has been removed by the author.
DeleteIn reviewing the new count, i have a problem with the internals of wave (iii). In what appears to be wave ((iii)), its internal wave iii is the shortest. Back on April 8, this wave was counted as an ABC. What adjustment to the internal count of this wave makes this work?
Delete@marc: I don't think the ending diagonal can appear in a b wave. So if that's truly what it is, this would speak for a wave 1 up like GreyWaver said.
Delete@Tom: I agree with your thoughts there. I'm not able to count that properly either.
@Tom E. fifth wave extension in the third wave.
Delete@Tom E. this would be the count on the third wave, as best I can tell, with the fifth wave extension in the third.
Deletehttps://invst.ly/qheyk
TJ
Nice! Thanks TJ.
Deleteoh wow so how low can we go lol
ReplyDeleteCould be an Endling Diagonal forming last 3 days in the S&P 500 cash market perhaps...?
ReplyDeletehttps://12345abcdewxy.wordpress.com/2020/04/16/2020-apr-16/
Would this still be a valid option with an expanding diagonal as the 5?
ReplyDeletehttps://www.guidants.com/share/chart/,3957954
This would match 123abc's count in the cash S&P.
Probably not because then the zigzags in both two & four of the diagonal are truncated. That would be exceptionally rare, and lower the odds. Not impossible, but just very, very, rare.
DeleteHourly cash has also just eeked out it's new high. This is all that is required, but it could go higher if it subdivides.
ReplyDeletehttps://invst.ly/qhbzh
TJ
A new post is started for the next day.
ReplyDelete