The after-hours are making it more difficult than ever to get a handle on the wave count. For now, price closed above the daily Bollinger Band - which is 'often' where the so-called Smart Money takes some of their profits off the table. The swing line is up; the bias is up. The daily slow stochastic is over-bought but could embed on Monday.
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| ES Futures - Daily - Close Over Upper Band |
The upward Minor B wave has not yet reached the 78.6% retracement level. It might. Price is positive while over the 18-day SMA and the rising local trend line. There is currently nothing bearish on the chart. True to form, the market ended on bullish notes on Thursday and Friday.
Remember, a downward count does not resume until or unless the low of Minor A is exceeded lower.
Have a good start to the weekend.
TraderJoe
It has been difficult! Like you, I see a trend still intact.
ReplyDeleteThe following is the end of day hourly ES with RSI observations.
https://imgur.com/mHs561D
Very interesting, thank you for posting.
DeleteVery insightful especially for a newbie, thank you for sharing. 2 questions, if you permit:
Delete1) you set price target for the HDs. Are there also PT for RDs?
2) do you have a link and/or literature where I/we could refer to for further read up for better understanding?
1) I dont know of any "targeting" for regular divergence
Delete2) Andrew Cardwell, Constance Brown, John Hayden, Walter Baeyens. It will take some "digging" to find their information. Andrew's is the basis of the work done by the other three.
Hope this helps.
Thks GW for your kind help. Wishing you and all a great weekend
DeleteAssuming the down movw was an ld..thw retrace could be vsry deep
ReplyDeleteThe following is a monthly view of SPX (I used a cfd as I have my ES chart all marked up, lol). I think you'll find this ..... well, I'll let you decide.
ReplyDeletehttps://imgur.com/Hf4M0QU
NQ_100 futures pushing away from the 18 day SMA and cleared the 50% retracement level handily. Bollinger bands have now opened above suggesting more upside.
ReplyDeleteA new post is started for the next day.
ReplyDelete