It's not for certain that it will hold up in the overnight, but if the SPY (cash) 15-min triangle described below maintains its integrity, then it is possibly signaling, "the last wave-set dead ahead". We showed a smaller triangle in the comments earlier in the day but said there could be a larger one. The shown below is the larger one.
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| SPY Cash - 15 min - Potential Triangle |
And if there should be five-waves-up; it might end the c wave of the (y) wave of the minute ((b)) wave up. Triangles are tricky, and this may not hold. So, let's see how it goes. If the triangle does not work out, then a downward double combination might work.
As always, patience and flexibility are key at this stage of the wave count.
Have a very good start to the evening,
TraderJoe
ES looks weak knocking on mid channel line.
ReplyDeleteLooking for an impulse down.
DeleteSPY 15-min: the higher high has been made, verifying the triangle count.
ReplyDeletehttps://www.tradingview.com/x/BijCPHc8/
TJ
Opening gap has now closed. Bulls can't be too pleased about that.
DeleteTJ
SPY 15-min: with gap closing, down wave is now longer in price than the ((A)) wave of the triangle and longer in price than wave ii, shown. This may mean there is a 'turn of degree'.
ReplyDeletehttps://www.tradingview.com/x/qVK8SiOj/
And now below wave ((E)) of triangle.
TJ
XLE Closed price gap 6-10 6-13. Gaps on vertical move up between 9-22 to 10-4. IMO XLE advance is corrective.
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ
Looks like WMT completed its rally yesterday.
ReplyDeleteLink: https://capture.dropbox.com/Flc85OqIv6uxbqfq
XLE has been holding up $SPX.