Until or unless there is overlap of wave micro x((1)) down, this is the count in the ES futures 4-hr chart. I have simplified this view using only closes so you can concentrate on the form of the waves. There are no overlaps on the OHLC version.
Overlap would be the first indication of trouble, but it just has not happened yet. At present, the down wave from (ii) is shorter in price and time than (i), down, so it can qualify as a subwave. The internal waves were reduced in degree on evaluation after the market close.
As I said, try not to get too cutesy, injecting your own opinions of what should happen for reasons you might have, technical or otherwise. A bear market can give way at any time, and for no apparent reason. One reason that is usually not very apparent to most retail traders is simply the withdrawal of bids.
Have an excellent start to the evening and the weekend.
TraderJoe
SPX - Observations
ReplyDeletehttps://www.mediafire.com/view/slcj1tzivp3spvp/SPXcongestion.PNG/file
SPY - Daily shows today's low at 382.18, hrly shows today's low at 382.10. Wonder what the actual low is (if either). 🤔
ReplyDeleteSPY went ex-dividend on Friday. Scroll down to ex-dividend date.
Deletehttps://www.marketwatch.com/investing/fund/spy
TJ
SPX (60m)(10x2) - triple top b.o., suggests move to 3960 (assumes 3840 low remains intact).
ReplyDeleteLooking for a retest of the channel bottom. https://media.discordapp.net/attachments/976454973355360286/1021468952209129573/Screenshot_2022-09-19_at_13.12.52.png
ReplyDeletethis chart violates 'degree labeling'. Your interior up wave is longer in price and time than A, and I think you want it to be a smaller degree (b) wave of B.
DeleteTJ
I call this an 'instant karma' lesson in degree labeling. Do you see how violating the degree labeling principle immediately resulted in the incorrect prediction? I hope you will use it to spur your investigation of degree labeling. TJ.
Deletedjt much stronger today, up 1.5 percent, sometimes a leading indicator
ReplyDeleteSPX (60m)(10x2) - double top b.o. following shallow retrace from triple top b.o.
ReplyDeleteresult - bullish catapult.
A new post is started for the next day.
ReplyDeleteTJ