This is just a continuation of the prior post. The chart below is the ES weekly bar chart. The triangle option mentioned in the prior post is sketched out, below for the ES.
If you were following markets today, you know that almost everything has been slowed down or is very whippy waiting on the results of the FOMC decision and press conference tomorrow. This is possibly a triangle with odds about 50-50 right now. More-or-less make-or-break. The retrace today was on the order of 78.6%, but we don't know upward movement is done. The weekly EWO is quite flat and reminiscent of a triangle.
Clearly, I don't know whether this will happen or not. But a triangle formation often precedes the last wave in a wave set, and a minute ((b)) wave can certainly be a triangle.
Have a good start to the evening.
TraderJoe
Reminder: FOMC rate decision at the top of the hour, followed by the Press Conference. TJ.
ReplyDeleteThe rally has stopped at the upper BB. Interesting to see how the market celebrates another rise or two.
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ