Nothing has changed in our proposed ES 4-Hr wave count. Pick your favorite Fib relationship (shown) for c-5 of possible wave (ii). The chart is below.
The Fib confluences are shown. But a significant moving average (18-day, 100-day SMA) might also be in play.
I can't rule out that the afternoon today wasn't a 'b' wave of a second wave in the up direction as it was between 1.50 and 1.62 in length compared to the Powell inspired down wave this morning. But a significant overnight gap up would likely rule that out. I also can't rule out that the later part in the day wasn't a part of an upward diagonal. Again, a significant upward wave in the overnight would tend to rule that out, as well.
Prior fourth waves, i.e. wave iv, are sometimes targets. Sometimes they are traps, too. Caution is warranted. As long as price is below the 18-day SMA the bias is down even if higher daily highs are resulting.
Have a good start to the evening.
TraderJoe
SPX (60m,10x2) Breakout, target area 4250-4300 (negated below 3890).
ReplyDeleteNote: We have a prior downward target area of 3540-3640 in play (negated above 4320).
DeleteNote: 'minimum' expectation for an expanded flat met. Can go further depending on retraces.
ReplyDeleteTJ
SPY 10-min: here is a brief update on this wave. It would 'be nice' to see a higher high for noon on wall $treet, but it does not have to happen. It would just provide some nice alternation.
ReplyDeletehttps://www.tradingview.com/x/L4Y9PSbu/
The "running correction", lower left, may be the larger second wave - at least that's what made me think we might see a larger up day today.
TJ
30 min ES chart is fitted right now for the 8-fold path method to count the up wave from sept 6.
ReplyDeletedaily 18 sma reached
ReplyDeletewave 5 = wave 1 at 4093
ReplyDeleteSPY (30m) Reg div (hidden) - Our 9/6 occurrence has turned out to be quite productive. (Would be nice to see the one on TSLA wkly chart play out as nicely.)
ReplyDeletehttps://www.mediafire.com/view/3xiwa7hzrdnhjyd/rdhSPY30.PNG/file
Possible ED?
ReplyDeletePerfect exp flat on futures
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ