This chart of the ES 30-min futures shows wave action so far as it is available at the futures close of the regular trading hours session is below. The purpose of this chart is to attempt to show the wave with degree labeling in tact, with Fibonacci ratios that make sense, and with alternation in a corrective wave.
The b wave is short in both price and time, which makes a zigzag a bit more likely. The wave can travel higher as wave ii provided it does not invalidate.
Have a good start to your evening.
TraderJoe
Thanks tj.
ReplyDeleteLooks like the Goldman Sachs stock price drop was a one-off thing. So don't try to infer market behavior from that.
ReplyDeletehttps://www.wsj.com/articles/federal-reserve-probes-goldman-consumer-business-11674232252
Goldman lays off 3,200
DeleteMicrosoft lays off 10,000
Google lays off 12,000
Amazon lays off 18,000
It's at least a "four-off" right now. TJ.
Meta 11k. But still the ES is holding on after Netflix subscription increase OR may be holding on the cliff :). Do you think this line in sand will be washed away with this week companies results.
DeleteThe Federal probe of GS is the one-off thing.
DeleteLots of tech companies plus Goldman are now starting to lay off significant numbers of workers. So the ramp in interest rates has begun to bite. At this point, JPow is focused more on the unemployment rate than the CPI. I'm sure he would like to see it heading toward 5%, rather than the current 3.5%. So rates won't be coming down in the near term. Bad for Mr. Market.
@manu .. It doesn't matter what "I" and my small account think. I don't move markets. I only try to 'count them'. Only the Smart Money, with their billions and trillions moves markets. In any case, a shorter-term trend line has been breached and so any possible second wave ((ii)), moves to the right on the chart. And a second wave is not guaranteed. It is only a good probability. Learn to think in terms of probabilities. TJ.
Deleteif you are trading the news...........
ReplyDeletesoon you will be delivering the newspaper
This comment has been removed by the author.
ReplyDeleteup about 230 k
Deleteabout 10 %
DeleteAs I have previously said, discussions about "who is the best trader", and trades are not appropriate here. Any more & they will be removed. This is a wave counting site ONLY. TJ.
DeleteRoger.
DeleteES 30-min: on the Intraday RTH wave-counting-screen, just be aware that there are two current up 'gaps' in this short term chart.
ReplyDeletehttps://www.tradingview.com/x/s5iUQVdO/
Further, there is nothing lower until the parallel shown in broken. Again, we must move any wave (ii) to the right on the chart, and not above the minute ((b)) wave high. Patience and flexibility required.
TJ
..make it now three open gaps higher. Chart below.
Deletehttps://www.tradingview.com/x/sjWYl0oi/
TJ
ES 30-min: first gap lower now filled. (Chart is behind). TJ>
ReplyDeleteES 30-min: there is a breach of the parallel; the intraday slow stochastic appears to be becoming unembedded, and there is overlap on the prior wave high. A return to R1, 18-period intraday is possible.
ReplyDeletehttps://www.tradingview.com/x/kRzWj9CT/
TJ
A new post is started for the next day.
ReplyDeleteTJ