Truly ugly waves and difficult to decipher for nearly anyone. It looks like the market left only three waves up, so far. So, a Flat, double-zigzag, or larger diagonal downward are all possibilities. I don't blame you if you get frustrated. Intraday, the waves are not being finished off well.
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| S&P500 Cash Index - Hourly - Ugly |
For example, at the end of the day, the YM futures made a new high. The ES futures did not. Well, the most important thing is that IF you haven't voted yet, and are eligible, it would be truly awesome if you did.
Have a good start to the evening.
TraderJoe
Twitter guy does not use EW, but is basically saying this was an upward 2, 3 down starts from above the overnight high after Biden victory firms up, wave counting stop at 3480 close.
ReplyDeleteWho is that "Twitter guy" ?
DeleteET says don't post external links, so I suggest to google emini twitter and look for results reminiscent of a clock. He has 53k followers to confirm.
DeleteFound, thanks. I apologize if I have bothered.
DeleteNo bother, you're welcome
DeleteSeeing this from bottom yesterday on NQ.
ReplyDeletehttps://imgur.com/jMqWPvc
Adjusted the waves with new waves up.
Deletehttps://imgur.com/SszQ1MR
5 up finishing from the bottom on Fri.
ReplyDeleteObservation on the daily -
ReplyDeletehttps://funkyimg.com/i/38qNo.png
Grey, can you provide a brief summary of the RSI technique and what is an HD? TIA
DeleteSure. When the oscillator (in this case RSI) shows a lower low, while price closes show a higher close, this is deemed to be suggestive of rally towards/to its target. Some would call this a positive reversal, some call it hidden divergence, etc. These are trend continuation "signals". Should the rally fail to reach (or just reach) its target, a likely change of direction is suggested. If the target is surpassed, this suggests the trend is still intact. Hope that helps. (Cardwell, Hayden, Brown has done extensive work on RSI in this regard, Cardwell the originator of targeting).
Deletehas=have :o)
DeleteThanks. How did you derive 3579 target?
DeleteDifference between the two price low closes added to price close at RSI highest reading in between. Essentially, a measured move.
DeleteA view of the cash hrly.
ReplyDeletehttps://funkyimg.com/i/38qXZ.png
A new post is started for the next day.
ReplyDeleteTJ