Tuesday, March 9, 2021

A 'Possible' Local Alternate

This is based on the Russell 2000. The EWO and the EMA-34 suggest it is a good possible alternate. The chart otherwise speaks for itself.

ES Futures - 5 Hr - Expanding Pattern

 

At least it provides a clear invalidation point, which is useful in itself.

Have a good start to the day.

TraderJoe

Posted by at

38 comments:

  1. Walter KrajewskiMarch 9, 2021 at 12:19 PM

    Thanks, ET!

    ReplyDelete
  2. GreywaverMarch 9, 2021 at 1:02 PM

    Thks as well.

    Spot Gold (4hr/daily) update (if interested) -

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

    ReplyDelete
    Replies
    1. Roberto MattheusMarch 9, 2021 at 3:58 PM

      gold didn't get over the 8exp or 10 ma today, I still think lower is possible. thank you

      Delete
  3. GreywaverMarch 9, 2021 at 1:37 PM

    SPX daily - watching for this possibility

    https://funkyimg.com/i/3br51.png

    ReplyDelete
  4. TimHMarch 9, 2021 at 1:37 PM

    👍 thanks

    ReplyDelete
  5. Elliott_TraderMarch 9, 2021 at 2:08 PM

    Just fyi - these are some of the lowest cash volume figures in a couple of days.

    https://www.tradingview.com/x/AG6j06OH/

    TJ

    ReplyDelete
  6. TimHMarch 9, 2021 at 2:11 PM

    US 10 year yields tend to follow global PMI’s. That number is over 70. Rates should continue higher IMHO.

    ReplyDelete
  7. Elliott_TraderMarch 9, 2021 at 4:22 PM

    Don't know for sure. I know the wave "looks" impulsive up. And, it might turn out to be that way. But, if it is wave (iv) of an expanding diagonal, downward, then both cash and futures can be counted like this to preserve degree labeling (actually futures would have a triangle b wave).

    https://www.tradingview.com/x/jaFHDm9e/

    From a daily standpoint, still looks like "the battle for the line in the sand". Futures settled right on it. NO clear winner yet. The volume picture sure changed at the end of the day ;)

    Have a good evening all.
    TJ

    ReplyDelete
  8. GreywaverMarch 9, 2021 at 5:37 PM

    Updated thoughts on NQ (4hr) -

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

    ReplyDelete
    Replies
    1. TimHMarch 9, 2021 at 7:00 PM

      👍 I assume above X that would change the count.

      Delete
    2. GreywaverMarch 9, 2021 at 9:03 PM

      :o)
      Note: the downtick setting the HD should say "wasnt" particularly definitive.

      Delete
  9. GreywaverMarch 9, 2021 at 11:42 PM

    Daily Crude (reversal pattern) -

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

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  10. Elliott_TraderMarch 10, 2021 at 7:08 AM

    Good morning all. Here are the updated intraday pivots (classic calculation). Price is clinging to the 18-day SMA this morning at 3,871.

    https://invst.ly/u3jzz

    TJ

    ReplyDelete
    Replies
    1. RogerMarch 10, 2021 at 8:42 AM

      Morn Tim
      Yes..that's where my attention is..rates I believe will be the catalyst. Have great day all

      Delete
  11. Elliott_TraderMarch 10, 2021 at 10:22 AM

    ES 1-Hr: Nothing for certain, but this is one of the squirrel-liest waves I have ever seen.

    https://invst.ly/u3nd-

    TJ

    ReplyDelete
    Replies
    1. GreywaverMarch 10, 2021 at 10:26 AM

      I'm glad you're counting it and not me! :o) On NQ, your ((2)) of a is actually lower than prior low, so its even different.

      Delete
    2. Elliott_TraderMarch 10, 2021 at 10:29 AM

      ..just fyi; currently have c = 0.786 x a; and again downward overlap.

      https://invst.ly/u3nj5

      TJ

      Delete
    3. Walter KrajewskiMarch 10, 2021 at 10:46 AM

      If my software is correct that's 4 times the RSI has been rejected at the 70 level.

      Delete
    4. TimHMarch 10, 2021 at 10:51 AM

      I’m wondering if the correction ended at recent low? I will be watching to see If we pullback in a corrective abc pattern and hold .786 retrace.

      Delete
  12. TachyonMarch 10, 2021 at 10:22 AM

    Half a Trillion and counting the last three trading sessions! Powell and company in a valiant effort to undo significant technical damage. Wave counting quite a challenge. I am watching 3900 on a closing basis for clues...

    ReplyDelete
  13. GreywaverMarch 10, 2021 at 11:49 AM

    Current look at daily 10yr yield (TNX) - (if interested)

    https://funkyimg.com/i/3bsr1.png

    ReplyDelete
    Replies
    1. TimHMarch 10, 2021 at 1:00 PM

      It needs a pullback. It may have finished w 3/C. But it needs to go higher to catch up to global PMI’s, there is a strong correlation.

      Delete
  14. GreywaverMarch 10, 2021 at 11:55 AM

    GDX (mthly) observations (if interested) -

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

    ReplyDelete
    Replies
    1. mischikMarch 10, 2021 at 3:15 PM

      nice work on gdx and tnx greywaver

      always interested in your charts

      thanks !

      Delete
    2. GreywaverMarch 10, 2021 at 3:19 PM

      Thks!

      Delete
  15. BBRiderMarch 10, 2021 at 1:01 PM

    Somewhere in here would be the d in the running triangle idea.

    https://imgur.com/Ur6qMRg

    ReplyDelete
  16. GreywaverMarch 10, 2021 at 2:19 PM

    NQ 4hr update -

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

    ReplyDelete
  17. Elliott_TraderMarch 10, 2021 at 2:30 PM

    Using SPY, might look to see if the high holds, and/or if there are new lows.

    https://www.tradingview.com/x/Jy73R1bs/

    TJ

    ReplyDelete
    Replies
    1. Elliott_TraderMarch 10, 2021 at 2:52 PM

      SPY over the top on stimulus package.

      (CNN) Congress passes Biden's Covid-19 stimulus bill

      TJ

      Delete
    2. Elliott_TraderMarch 10, 2021 at 2:59 PM

      SPY 1-Hr; still possible to see this as (iii) or (v) in a contracting diagonal. If it's (v), it should 'sell on the news'.

      https://www.tradingview.com/x/W7aTMtuN/

      TJ

      Delete
  18. Walter KrajewskiMarch 10, 2021 at 3:31 PM

    1 Hour VIX looks like some kind of diagonal.

    ReplyDelete
  19. Elliott_TraderMarch 10, 2021 at 3:55 PM

    Worth noting: c = 0.618 x a ? Very common measurement.

    https://www.tradingview.com/x/Sz3qN3TG/

    TJ

    ReplyDelete
  20. Elliott_TraderMarch 10, 2021 at 4:29 PM

    A new post is started for the next day.

    ReplyDelete

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