After an initially whippy day in which the overnight futures were down, the cash market spiked up at the open. Then they spiked down. This appeared to extend the micro wave ((2)) as we indicated could happen in last night's post. The market drifted sideways into the hearings on Capitol Hill, and then began dropping as shown in the SPY cash 30-minute chart, below.
In the low of the last half-hour, the lowest low of the prior b wave was exceeded lower, and a new blue channel lower has been drawn. It does appear that we are in the micro ((3)) wave of the minute ((iii)) wave lower until further notice. Bulls have to defeat both the new down trending parallel and the July high.
Have an excellent start to the evening.
TraderJoe
Looking at gold's daily chart, we may have potentially completed the impulse off the March high.
ReplyDeleteWe have divergence at the 1.618 extension of the wave 4
Good morning, all. Here is the open in the cash SPY, after the hot CPI report.
ReplyDeletehttps://www.tradingview.com/x/KLjClIpA/
Next milestone is the lowest low in the black (x) wave.
TJ
ES&SPX (25x3) -
ReplyDeletehttps://tvc-invdn-com.investing.com/data/tvc_d78047454ee3f5fde4ae279aef488838.png
I don't understand how you have 'buys' if the targets "are not activated"? This seems like a contradiction in terms. TJ.
DeleteHello Joe,
ReplyDeleteHow should we interpret wave spikes in news timing (like today in futures) ? Better to ignore this overlap ? Many analysts consider this first movement as a "fake", but in waves, I think that there is nothing written.
What is your opinion.
Thanks.
Hello 6Q .. not sure what overlap you are referring to. Chart or description of what overlapped what would help. TJ
DeleteI put the image of the overlap to which I refer, with a comment.
Deletehttps://www.tradingview.com/x/tslXNCAv/
$DXY having a very adverse reaction today. Maybe the start of a correction?
ReplyDeletehttps://tvc-invdn-com.investing.com/data/tvc_3ba857203ec3ef9e7bcfb26e31e6f408.png
DeleteLiving dangerously? The Dollar is still above both its 18-day SMA line in the sand, and above even it's most recent trend line. See below, and consider Ira's guidance as tasty or tempting as other things may seem.
Deletehttps://www.tradingview.com/x/sl672QFm/
TJ
Elliott treder, do you think the buyers come and we are going to 4050?
ReplyDeleteAs I wrote above, as long as price is below the upper line of the blue channel in the chart above, then it is hard to find anything bullish on the chart. I am an Elliott Wave analyst and not a fortune-teller. If you know what Elliott wave is fine. If you don't, please read the book The Elliott Wave Principle by Frost & Prechter.
DeleteTJ
A new post is started for the next day.
ReplyDeleteTJ