The two best options still remain as below. The first option is that the market is finishing the Intermediate (Y) wave as shown in the first chart, below which is the two-day ES futures.
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| ES Futures - 2 Day - Wedge |
If so, the above option would finish tomorrow or the next day. And, if not, if the Minor C wave is extending in time, then it looks like the chart below, that we have posted before, showing that minute wave ((i)) is very near completion.
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| ES Futures - Daily - Minor C Subdivision |
In this option, a reasonable second wave correction might bring prices back to near the 18-day SMA before breaking the upper wedge line to the upside. What was a little odd today is that we found a way to count cash as having a potential fifth wave extension in this up wave. If that holds, it might have implications for the later count, as they appear more rarely.
Yes, a third option remains on the table for the near-term. That is a contracting diagonal from the 23 March low. But, that count must await an overlapping downward wave of the right length and price can not go above 3,950 prior to making that down wave. We will only show that possibility if or when it materializes on the two-day chart. But, we have shown that possibility in prior posts at this LINK.
Have a good start to the evening.
TraderJoe
The first wedge option will almost certainly confirm its presence with a vigorous over-throw of the wedge's upper boundary and a swift breach of the lower trend-line methinks...
ReplyDelete..that is the second chart. In the first wedge option, the C wave does not further sub-divide.
DeleteGot it. I thought the C wave there was a bit brief.
DeleteA peek at the ES daily and something to watch for in early Apr -
ReplyDeletehttps://funkyimg.com/i/3aFon.png
Nice five wave impulse up with alternation out of the (e) wave of the triangle yesterday. Use 15-min bars to plot it. Wave two is a flat.
ReplyDeleteLol! I was just about to post that you once could confidently expect triangles to be penultimate waves but no longer...!
DeleteBonds trying to bounce?
ReplyDeletehttps://funkyimg.com/i/3aG2f.png
Literally Billions dumped into the market attempting an artificial hammer bottom at this morning's lows. Talk about a freak show! They had better hope we don't take out this morning's lows...there will be hell to pay if we do...you just watch...!
ReplyDelete13d on the 60ty providing resistance current Gl all
ReplyDeleteHave they final got every $ available in equities, maybe? :)
ReplyDeleteCurrent look at 4hr -
ReplyDeletehttps://funkyimg.com/i/3aGeC.png
👍
DeleteYep! Last plunge perfectly tagged 50 dma. Any sustained move higher will likely first tag 200...
DeleteWatching re-claim of 3900 with interest as it looks like the machines were triggered to defend. Another close above suggests another successful massive cash dump...really amazing!
ReplyDeletePowell to the rescue :)
ReplyDeleteLooks like bears not quite ready to surrender 3900, lol!. We likely head to 3820 or thereabouts if bulls fail to hold it.
ReplyDeleteThe close getting interesting, 3820ish I would like that. :) GL
DeleteES breakdown of another wedge; smaller on the SPX 5-min
ReplyDeletehttps://www.tradingview.com/x/u1NnI8vd/
TJ
Price did not quite make it back to tag wedge underside...perhaps in ES over night with interesting possible divergent cash gap down tomorrow? We did see cash fail to match the ES low during the last decline which is unusual. Tomorrow should be fun!
ReplyDeleteA new post is started for the next day.
ReplyDelete