Today's higher daily high puts the upward contracting diagonal we wrote about in previous posts in solid play. The ES two-daily chart is below in line format to emphasize just the form of the wave.
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| ES Futures - 2 Day - Close Only |
As can be seen from the Fibonacci ruler, wave Minor 3 is still shorter in price than wave Minor 1, and it is currently shorter in time, too. So, again, nothing says the upward wave, 3, is over yet. Wave Minor 3 has only done the 'minimum' it needs to in a diagonal which is make the higher daily high. The price structure of the Ⓒ wave of 3 can become more defined yet.
Price did contact the upper daily Bollinger Band today, and not much happened. There is also a running fourth wave on the intraday chart, and that still spells some strength present. On the daily chart the slow stochastic is in over-bought territory and is not embedded.
Have an excellent start to the evening,
TraderJoe
im curious why you are counting 123 not abc, did you only drop that convention in live counts for impulses but diagonals are still 123?
ReplyDeleteThere is no 3-wave A, B structure where the B wave does not make a 90% retrace. The alternate always has to be the same zigzags as in the diagonal, as w-x-y, shown below.
Deletehttps://www.tradingview.com/x/RMfs4kuA/
A three-wave A wave (a:3) 'must' have a 90% B wave (b:3) following it, or else the structure is really double-zigzags, as shown.
TJ
NK is up of 1.1618, what next?
ReplyDeleteVIX 2hr https://www.tradingview.com/x/rQjMnOfM/
ReplyDeleteViX Weekly Green rail under severe assault
https://www.tradingview.com/x/GceYgV4h/
short squeeze maybe
DeleteReminder: FED Chair Powell speaks at the top of the hour.
ReplyDeleteTJ
ES 5-min: there is already a valid potential triangle here. It currently projects up about +12 points. But it could expand once, or it could degenerate into a downward diagonal.
ReplyDeletehttps://www.tradingview.com/x/5cgRf1rS/
TJ
ES 5-min: potential triangle now breaking down into expanding diagonal.
DeleteTJ
ES 5-min: 1.618 downward wave. Watch upper boundary of pattern.
DeleteTJ
ES 5-min: here's what the potential expanding diagonal looks like.
Deletehttps://www.tradingview.com/x/pX50kt7c/
TJ
ES 30-min: new potential parallel to watch and a possible fourth wave signature on this time scale (all hours not RTH).
ReplyDeletehttps://www.tradingview.com/x/djyFye8c/
TJ
ES 15-min (RTH): because price is still within a 2.618 upward wave, those of your that want to try the real-time count can check this chart in one of two manners shown. The red count alternate is for the end of the triangle and a diagonal i of (v).
ReplyDeletehttps://www.tradingview.com/x/Ev5c4ydf/
The purple count is the preferred channel count which is preferred at this time as there is no diagonal leg with a 62% retrace. But, wave iv purple could easily go over the high again if it wants to today. Or a triangle could form. Either way, likely to be whippy trade.
TJ
A new post is started for the next day.
ReplyDeleteTJ