Because today's up wave went beyond the 78.6% Fibonacci retracement level of the prior down swing - labeled as minute ((a)) on the chart, below - it appears we are making a flat wave.
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| ES Futures - 4 Hr - Likely Flat |
I am still looking for a Minor B wave to become more proportional in length and time to the Minor A wave. That's all. It's happening internally on the shorter-term intraday charts. It just hasn't happened on the 4-Hr or Daily charts yet.
The upward Minor A wave count has been modified only slightly to give the greatest amount of time possible to the A wave, and have it agree with the 4-Hr MACD.
The minute ((b)) wave could have a little more upwards length to it. However, it should not become longer in length or time than any of Minor A waves sub-waves or a degree violation might result. I am still examining this issue. The ((b)) wave appears to be crawling the mid-channel line higher, finding some resistance at it.
Note the futures gap is at the 62% retracement precisely from this Minor A wave location. That could be an eventual target.
Have a good start to your weekend.
TraderJoe
Looking at your chart, the (b) wave seems to be longer already than the (i) in A. Is that a problem? Not familiar with those degree violation rules, but since you mentioned it...
ReplyDeletelonger meaning in time with more candles
Deletehello ET
ReplyDeletedoes a flat b not have to retrace at least 90% ?
thanks again & have a good weekend.
take care
joske
It's not a flat if it does't...
Deleteaccording to ET it is a flat because > 78.6%, that confuses me.... we have not reached the 90% as of friday close
Deletesincerely
joske
..never said the up wave is done yet. The 90% level or more is 'possible' Monday to Tuesday. The post specifically says, "The minute ((b)) wave could have a little more upwards length to it," meaning to get it to 90%. Price is still not at the ES upper daily Bollinger Band, yet, and the daily slow stochastic is not over bought yet.
Delete