This is what has been counted, so far. The Dow futures (YM) almost eeked out a new high. Maybe they will overnight. Nothing says the new wave ((5)) in the second segment is done just yet. It has more room if it wants.
One reason for counting this way is that the correction in the middle (the :3) is much deeper than all the corrections preceding it. It was very short in time. If a downward correction of this up wave were to begin, would it be shorter in time than the correction labeled :3 which lasted only one day?
Yet, the first five-wave sequence up, predicted a second five-wave sequence up to follow it.
Have a good start to the evening.
TraderJoe
Hi Joe, 0_2 trendline break in circle 3. I don't know if you still maintain that is a problem
ReplyDeleteHi marc-
DeleteNotice it isn't a problem when the third wave extends as in the wave at the top. This example may show it can happen when the first wave is the extended wave. This makes some sense because the momentum condition of the two waves is different.
TJ
TJ- why do you have purple X next to circle 1 and then 3?
DeleteThanks
Fib, it is the "x"tended wave of the larger wave
DeleteThanks.
DeleteOk
ReplyDeleteThen there is also violation in the extended first wave unless you can draw it otherwise
Yes. I'm saying extended first waves may have that trait.
DeleteTJ
Well, it's 'official' ...from CNBC ..
ReplyDeleteJim Cramer says stock futures mislead investors, create buying opportunities
"CNBC’s Jim Cramer rendered stock futures to be a worthless tool to gauge the temperature of the market after stock indexes finished at records on Monday."
https://www.cnbc.com/2021/07/12/jim-cramer-stock-futures-mislead-investors-create-buying-opportunities.html
TJ
..and so when stock index futures are "up" big before the market opens, the opposite must be true, right? Sheesh ..
DeleteTJ
I can't attest to its veracity, but this assertion does lend itself to alleviating the 0-2 TL breaking w3. Most every example of an extended first wave I've run across shows a wedge shape, which would not see the 0-2 TL violation. Just throwing this out.
ReplyDeletehttps://i.postimg.cc/Bb9tHJ39/Extended1st.png
yea ..unfortunately stated as a 'rule of thumb'. I think that is the case 'most often' but likely there are enough exceptions that the EWP couldn't make it a 'rule'.
DeleteTJ
30min - pre-open look
ReplyDeletehttps://i.postimg.cc/mDQSq7sP/30min.png
Testing 60 level on RSI.
DeleteSPY cash 10-min: at 140 candles, the EWO indicates the down move is interesting but maybe not fatal, yet.
ReplyDeletehttps://www.tradingview.com/x/ycg0wK5c/
TJ
Looks to me like some kind of triangle, perhaps of the contracting variety, but clearly no interim top imo...
ReplyDeleteThere is a new post for the next day.
ReplyDelete