If we are making the larger v down from last night's post, then this local squiggle count from the ES 5-min futures might work. Note there is a running triangle in the mix, and those do not necessarily indicate last wave in the current direction.
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| ES Futures - 5 Min - Local Squiggles |
Although it is worth watching the overnight for clues on this one, if that ending diagonal is real, then it has already been exceeded downward in less time than it took to form. The market does seem to be stalling as much as it possibly can, and the cash count looks simply dreadful, perhaps as an expanding diagonal, followed by a flat.
On a separate note we noted in the comments that with the 10-Year yield crossing the high yesterday, a (5)th Intermediate wave, up has been validated. Thus, one should look to see how that fifth wave completes, recognizing it could be a few weeks away yet.
Best wishes to all.
TraderJoe
Looking at UUP dollar is still strong however looks corrective with Stochastic embedded.
ReplyDeleteThat looks like a clean impulse down from ES overnight highs.
ReplyDeleteES 30-min: here is the intraday wave-counting-screen which includes a wave-counting-stop at the prior high. If a new daily low is made move the w.c. stop down to the overnight high.
ReplyDeletehttps://www.tradingview.com/x/Gav2ooNb/
Add the fractals for practice & reference. There is econ news in about 5 - 7 minutes.
TJ
Also, econ data at the top of the hour. TJ.
DeleteES 30-min: the wave-counting-stop has been nicked higher. I can see one way for it to be corrective but would still need a clear reversal bar & follow-through lower which are not in evidence.
ReplyDeleteTJ
That corrective count might look something like this. But it does need clear reversal conditions, as above.
Deletehttps://www.tradingview.com/x/ws6SwN9J/
TJ
SPY 5-min: has quite the wedge going on with no retracement beyond 15%.
ReplyDeletehttps://www.tradingview.com/x/5jm1tNAu/
TJ
SPY 5-min: initial wedge breaking down. One way to count and overlap warning added.
Deletehttps://www.tradingview.com/x/XTQpM8Nu/
TJ
A new post is started for the next day.
ReplyDeleteTJ