Wednesday, February 3, 2021

Just Some Notes

Just some notes on the daily chart for tonight, until we find out if the high is breached. If it is, we do have a count for that as we showed yesterday.

ES Futures - Daily - Notes

 

Have a good start to your evening.

TraderJoe

32 comments:

  1. Evening Joe
    I do like those back tests :) Thanks much Joe

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  2. SIL (daily), on the "brighter side". :o) -

    https://funkyimg.com/i/3ax5Q.png

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    1. Gold is pointing to a huge decline to 1740s at least and look at gold/silver ratio reversing. Silver bulls going to be disappointed as far as I can see.

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    2. LoL
      The GME longs should have studied the Hunt Brothers silver play, may have given them pause on the GME play too.

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  3. i believe your bottom of wedge purple line from november can be extended cleanly all the way to the march low. log scale.

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  4. Looks like extended consolidation time pointing to one more manic move higher. Next key events for me are closure of VIX open gap, and the obligatory tag of 3900.00 and I think both will occur next 48 hrs...

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  5. Gap closed. Will it make it to upper TL. of wedge next?

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  6. An over-throw would be exquisite, and so very characteristic of the head-fakes we have been seeing...

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    Replies
    1. If and I say if we are going to breakout, that VIX gap will get closed.

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    2. Sideways consolidation entered in a clear uptrend; upward break a very high probability imho..

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  7. Good morning all. So far, the 'potential' expanding triangle that I sketched out in yesterday's comments is playing out with the higher high. And the (d) wave would be 'longer in time' than the (b) wave - as suggested. Shown in the hourly view, below.

    https://www.tradingview.com/x/kyMTDpev/

    TJ

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    Replies
    1. E waves of triangles have been very brief affairs of late...

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  8. So I made this request a number of weeks ago but it went unaddressed. Would you be so kind as to post a big picture chart with the larger wave counts which goes back at least to the Sept 2018 top?

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    Replies
    1. http://studyofcycles.blogspot.com/2020/06/trillions.html

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    2. Thanks Kelly. That's the last count I had. I was just wondering if there might have been any change now that we have gone so far over the top, not once but twice, and seem to have formed a megaphone pattern.

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  9. Current daily cash -

    https://funkyimg.com/i/3ayfc.png

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  10. For those interested, daily follow up to prior wkly NatGas -

    https://funkyimg.com/i/3ayhP.png

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    1. Nice, Do you use Connie Brown's composite index? On wave 3 of 3 it does diverge where RSI peaks.
      I'm sure Piedmont Natural Gas will hedge at the high :)

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  11. New NDX ATH, will SPX and DJIA confirm...or do we see inter-market market divergence? If the latter, NDX probably let's the cat out...

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    1. NDX got close to ath yesterday but not today, according to tradingview. Certainly a doubletop possible there.

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    2. /RTY chipping at NATH's too.
      Since last Monday's low in /ES was 4 points above the Jan-21 Low, I expect a high tomorrow 4 points over the Jan-21 High or 3866.25 ;-)

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    3. Hourly candle at 13,742.57 a new ATH for NDX...I think it closed higher.

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  12. A quick peek at the 5min cash -

    https://funkyimg.com/i/3aytE.png

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  13. EOD cash 5min/daily -

    https://funkyimg.com/i/3ayxK.png

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    1. An add'l note on daily. Note that until the recent dip, RSI mov avgs were both above the 60 level (strong). As we've made the new high, the Tline is now below the 60 level and 45wma has fallen right to the 60 level. Another form of divergence. For the moment, it's lost that loving feeling. :o)

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  14. For any interested, some observations on wkly QCOM -

    https://funkyimg.com/i/3ayKc.png

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  15. A new post is started for the next day. Sorry for the late hour.

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