This is the same general count that has been shown for the past several days. This chart just shows hourly cash SPY for more clarity. It is still an extended first wave (xi) count.
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| SPY Cash - 1 Hr - Extended First Wave |
Today gapped up to a marginal new high, then the gap was filled throughout the day. So, the gap might be an exhaustion gap. It is 'possible' that the correction started today, but we could only count three waves down by the cash close. Since there was only "three-down" the correction could still take the form of either a flat wave that goes over the top again, or perhaps a diagonal to start the wave lower.
Comments remain on moderation in an effort to keep people on the topic of wave counting, and the technical indicators that assist it. In terms of technical indicators, yesterday we showed the weak advance-decline line. That continued today with another price high but another day of divergence with the adv/dec line. Another technical indicator is 'time'. In that vein, tomorrow is the last day of the month, and the last day of the second quarter. This often (not always) brings window dressing and attendant sloppiness.
Have an excellent start to the evening.
TraderJoe
OBV and continuation (possible w2s, Bs, Xs) - if interested
ReplyDeletehttps://i.postimg.cc/6q4NdWPs/All.png
SPY (mthly) - HD target reached (with 1 day remaining) -
ReplyDeletehttps://i.postimg.cc/Hs2c3Hxf/HD.png
A look at the hourly -
ReplyDeletehttps://i.postimg.cc/8cyB1zXr/hrly.png
ES 30-min; this pattern would have to prove itself; otherwise it is just a flat wave to the high.
ReplyDeletehttps://invst.ly/vak2y
The DOW can easily go higher for a fifth wave up on the daily chart. Patience.
TJ
DXY (dly) - after pulling back to the breakout area, it has nosed above the earlier June high. It appears to have eyes on the 93 area.
ReplyDeleteDJT - on Barchart, of the 20 stocks within the index, only 2 are above their 50ma.
ReplyDeletegood info! thx.
DeleteTJ
ES 30-min: here are some local fractals that have been created. The green candle is both an up fractal and a down fractal. As there are both two lower highs on either side, and two higher lows on either side.
ReplyDeletehttps://invst.ly/vam3x
TJ
..first down (red) fractal back has now been exceeded lower.
DeleteTJ
..now first up (green) fractal back has broken higher
DeleteTJ
..now 2nd fractal back has broken higher.
Delete..up wave measures to >90%.
Delete..third up fractal back has broken; can no longer be a diagonal. 'Possible" flat wave b wave. Difficult to say.
DeleteBasis hrly cfd, I have a positive HD target of 4306+. Not in play until we at least exceed yesterday morning's high.
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