Nothing has changed. The channel back-test we referred to yesterday got underway today. It will either count as a-b-c or w-x-y of (ii) - provided the high is not broken.
Trading below the original (solid, black) up channel indicates a loss of momentum. The smaller up wave channel (dotted, purple) has taken more time than wave (i) down, and put a tail on 62% retrace level. Keep one eye on the Georgia election results overnight.
Have a good start to your evening.
TraderJoe
Thks! This evening/overnight should be interesting.
ReplyDeleteRecap of 5min cash (interesting day on this time frame) -
https://funkyimg.com/i/39RU2.png
Initial 5min bar has taken RSI below 30.
DeleteCash dumps into the market are starting to become laughable. Price now imo clearly a function of CB deep-pocket intervention. Watching the round numbers with keen interest!
DeleteStill patiently waiting for a surrender of DJIA 30K and SPX 3700 on a closing basis. Another daily close above imo puts a pending third down in doubt. They will certainly fall decisively today if a 1,2 count is correct.
ReplyDeleteGood rise to the daily bb that seems to be slowing the wave.
ReplyDeleteCurrent look at 4hr -
ReplyDeletehttps://funkyimg.com/i/39T9s.png
👍 thanks
DeleteGood afternoon all, the only legal pattern I can find that fits the three-wave corrective wave structure, and this thrust out is this slightly mis-shaped triangle. However, both cash and futures are now over the prior high, so that part is relatively unambiguous.
ReplyDeletehttps://invst.ly/td6or
TJ
ET - I noticed you started to use the RSI instead of the EWO - any reason for this change?
ReplyDelete..hi, Walter; right now I'm just watching it for reference. It also throws one off at the ((c)) wave of the triangle - unless that is one of the "Hidden Divergences" that GW makes reference to (lower Osc with higher price). But, I noticed that GW did not mark it such at the time, so I'm not sure how useful they are in real time, yet. Something to study.
DeleteGood observation! It is an HD. Didn't mark it as it would be showing a target much higher. I would see no need to address it (for me anyway) until the prior high was materially breached on a closing basis. Price is (at this time) showing a strong evening star reversal on the hrly, having closed only .30 higher than prior high. Will post hrly soon to update.
DeleteThanks
Just fyi -
ReplyDeleteCNN - US CAPITOL BREACHED
TJ
(CNN) - Pro-Trump protesters storm US Capitol as lawmakers gather to count electoral votes
DeleteES 15-min, this is a plausible wave as a thrust from a triangle. I'm still being flexible .. even waves like this break down unexpectedly sometimes.
ReplyDeletehttps://invst.ly/td7qn
TJ
...note that wave ((3)) is 'inside' of 2.618.
DeleteIF the count doesn't work, it likely means 1) there is poor alternation, and 2) then all of micro-((2)) is actually 'inside' the triangle.
DeleteLooks like classice "C" wave action in yet another violent zig zag wave. My upside target remains at least a tag of 3800 but VIX hinting not gonna happen. Avi called for 3900. My wave counting acumen is not as keen as T.J. so I continue to rely on CB largesse around the round number...really amazing!
ReplyDeleteDropped to hrly for closer look -
ReplyDeletehttps://funkyimg.com/i/39Tj4.png