The number of downward overlaps, halting upward progress, and local trend lines make it difficult not to count the ES hourly as anything other than a wedge (diagonal). Even in tonight's after-hour session there are downward overlaps that are hard to ignore.
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| ES Futures - 1 Hr - Wedge |
Perhaps it is only minute ((a)), a smaller fractal diagonal, within Minor 5, up, in the larger daily wedge or larger daily diagonal. When compared to wave Minor 3, there is still plenty of room for more of Minor wave 5.
Have a good start to the evening & morning.
TraderJoe
Perhaps Im missing something, but since this diag is 5 waves up, wouldnt it have to be ((a)) of (v)? (Im assuming that (iv) is the far left low).
ReplyDeleteThanks
ET has a note showing minute ((a)) of Minor 5. The (v) you are showing above is not the same degree of the 4 far left. However this diagonal could be taken out in less time than it took to form and trade below the start of (i). then it would most likely be the end of minor 5 and most likely the end of (A) posted on the chart July 31st. Hope that this helps.
DeleteDont follow. If the move up from Minor 4 is 5 waves (not 3), then seems Minor 5 cant be complete. It could only be ((a)). Looks like (v) had equality with (iii). I guess thats permitted in a contracting diagonal (not really contracting).
DeleteThanks for reply.
As a further note, I have (v)>(iii) in time.
DeleteDeep gap penetration continues...resolution comes today...
ReplyDeleteprice move to 3328.60 hermetically seals overhead gap...!
ReplyDeleteI was watching one analyst say the gap "should" stay open if we are to experience a continuing bear market. Are there any rules like that about starting gaps/bear markets? or do you think that was just opinion? Thanks
Delete"B" waves can fill gaps at the top. Analyst must not 'like' B waves (i.e. 90 - 138%).
DeleteJust another opinion ..I use the 3 day rule. Gl all
DeleteThinking point recognition in gold was this past week. Will be looking for some moves to other side of channels with ewo nearing zero.
ReplyDeleteSo, in the NQ futures, then five waves up for a third wave 'can' be counted.
ReplyDeletehttps://www.tradingview.com/x/BBOMeAK6/
IF a fourth wave begins, it might correlate with the minute ((b)) wave in the ES futures.
TJ
.. I do not know if this wave will channel or wedge.
DeleteWouldnt we want to see (iv) fully retraced to add confirmation that (v) completed? And within the time limit?
DeleteThanks
Wrong reply. Should have been on the ES below.
DeleteIn the ES futures, the minute ((a)) wave may have been completed based on both time and price. The minute ((b)) wave can be a flat, a compound flat, a triangle or other awful structure.
ReplyDeletehttps://www.tradingview.com/x/ogqxhLOm/
TJ
Minute ((b)) would have to be larger ( time and price) than b wave?
DeleteThanks.
Tj have you done an overal count on Nasadaq. It will be interesting to see it given its onky 30/40 year old market. Thks
ReplyDeleteA new post is added for the next day.
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