The ES daily futures made a lower day. They came close to overlapping the prior a wave up at 3,909 but they didn't yet. Price now has a better overlap on the late June highs, however. We showed intraday counts in the comments for the prior post.
It's worth keeping an eye on the daily slow stochastic which wavered under 80 today. It could still get the embedded status back tomorrow BUT that is FED day (Federal Reserve rate decision and news conference). It is possible price could also get down to the 18-day SMA and find the neutral spot on the chart prior to the FED announcement.
Have an excellent start to the evening.
TraderJoe
Thanks TJ,
ReplyDeleteEs above 3955.
KLAC (3x3) - A nice progression to date -
ReplyDeletehttps://www.mediafire.com/view/x7git0tzv55zylh/KLAC.PNG/file
RBOB (0.025x3) - Update
ReplyDeletehttps://tvc-invdn-com.investing.com/data/tvc_c722c0d0995053053b97a8064b953053.png
$UST10Y-$UST3M - (0.10x1) -
ReplyDeletehttps://www.mediafire.com/view/wy9d0iadux9vtg8/10y-3M.PNG/file
It will probably invert after fed meeting. If not today it will be soon. GDP tomorrow, I expect two negative quarters in a row.
DeleteToday is FED Day. I can't tell you how the day will proceed - wish I could. Depends on what the FED does and what they say in the Press Conference. A chart below shows what is 'most likely' three-waves-down, shown as a-b-c.
ReplyDeletehttps://invst.ly/ymaxj
But, I noticed there is still time to make a larger whippy diagonal (depending on the news, of course), but not above the level of 3,978.50. And, looking at the upper left, IFF the up wave is a 'five' as in the first wave of minute ((c)), up, then it is also possible for a double-zigzag to form lower to give a second wave correction more depth (hence the red 'x'?).
The continued expanding diagonal would give the fourth wave correction more depth (purple count) in the upward contracting diagonal case (the :3 in the upper left).
And certainly, with three waves down a flat could form taking prices over the high in the (b) wave of a flat, with lower lows after that. Then wave c on the lower right would become a:3 of a flat.
Think about it, maybe. But it might be a good time to let the market decide.
TJ
ES (5x3) current -
ReplyDeletehttps://tvc-invdn-com.investing.com/data/tvc_41aef368954fddee6490453b2ad2d2dc.png
Reminder: FOMC rate decision at the top of the hour (14:00 ET), followed by a press conference scheduled at 14:30 ET. TJ.
ReplyDelete(CNBC) FED raises rates by 0.75%; ES highest high of b wave triangle temporarily exceeded higher.
ReplyDeleteTJ
Thanks Tj. Exceeding does not invalidate triangle?
ReplyDeleteWelcome. This triangle was already completed. And a lower wave resulted. a-b-c. The red ((A)) wave high, circle-A, has been exceeded is all.
Deletehttps://www.tradingview.com/x/X2PjlXo0/
TJ
ES 1-hr: 90% of prior high (22 JUL) reached. B wave of flat OR next impulse higher.
ReplyDeleteTJ
ES 1-Hr: 22 JUL high exceeded higher. TJ.
DeleteES 1-Hr: hits upper daily Bollinger Band. TJ.
DeleteES (5x3) - new high, downward targets negated -
ReplyDeletehttps://tvc-invdn-com.investing.com/data/tvc_c7e7bfb3d31400fd60064d61017732c1.png
4040 horiz reached.
DeleteA new post is started for the next day.
ReplyDeleteTJ