Compare the chart in the prior post to this one. With today's lower low, and then higher high, it is likely that wave ii, up, began around 6 AM in the futures.
With the lower marginal low, the relationship of the waves in wave i is currently micro ((5)) < ((3)) < x((1)). Wave ii, up, could be any corrective structure (flat, zigzag, multiple zigzag, combination) except a triangle. Note: since a flat is allowed, a further lower low could result, but does not have to.
Wave i retained it's shorter-than relationship to wave (i) as well, allowing it be a sub-wave lower should it come to that.
Have an excellent start to your evening.
TraderJoe
Any chance that we are still in wave ((4))?
ReplyDeleteThe odds on that are dropping very quickly because of tonight's upward overlap on the OHLC chart (versus the close-only chart). TJ.
DeleteSPY 15-min: only three-waves-up; retrace to the low or beyond the low possible as a flat wave.
ReplyDeletehttps://www.tradingview.com/x/zj8l8la5/
TJ
SPY / ES obtain 90% down - allowing for a 'legal' flat wave (or next impulse lower). According to these quotes SPY has a new daily low too.
Deletehttps://www.tradingview.com/x/Ob2cRqcB/
Can go lower; can make an expanded flat, too.
TJ
ES new daily low. Prior outside range day up now negated by outside range day (currently down). Need to see the close. TJ.
DeleteA new post is started for the next day.
ReplyDeleteTJ