Below is the ES 1-Hr chart. We previously indicated that we were looking for a retrace wave that did not go over the top. We are still waiting.
We also said we might have made an hourly contracting diagonal downward. If that is so, the retrace could be quite deep. The CPI report is tomorrow.
Have a good start to the evening.
TraderJoe
Thanks again for your expert guidance, TJ!
ReplyDeleteLearning more from you each day.
Welcome HG, glad to hear it. TJ.
DeleteES 1-Hr: not the end of the world but beware an overlap warning just triggered. And this is after the up wave in 'longer-in-time' than the down wave.
ReplyDeletehttps://www.tradingview.com/x/MdxLpNSX/
TJ
TJ, I am using a 6hr chart to get 154 candles on your proposed ES contracting diagonal but I lose EWO divergence on 3 vs 1.
ReplyDeleteIf the high does not hold again, this is what I would move to.
Deletehttps://imgur.com/iy6agZg
I cant believe I miss this.
Deletehttps://imgur.com/AsmpJfp
ES - 4 Hr: just be aware this last down wave is longer in price. It 'may' be ok if corrected in a larger triangle. Otherwise, it 'might' suggest a turn of degree.
ReplyDeletehttps://www.tradingview.com/x/FaaYe5w7/
TJ
Thanks Tj but can you simplify. I am so lost on the longer term counts.
DeleteSPY 1-Hr: last five-waves-up. Done. OR triangle. Nothing has changed.
Deletehttps://www.tradingview.com/x/3DQVIhot/
TJ
This sure feels like the "die in the middle" end of an ending diagonal.
ReplyDeletehttps://imgur.com/khbjjX0
Not arguing - just providing information. Cash SPY can't be counted as the expanding diagonal because its fourth wave would be lower than its second wave. I'll be looking at the SPX, too.
Deletehttps://www.tradingview.com/x/6hZpJdrf/
TJ
Just fyi - SPX, lower, too. TJ.
Deletei saw somewhere that the cup and handle move first level (ie 100 percent of the curve depth) is at 5206 for spx..fwiw
ReplyDeleteModified Gold Diagonal.
ReplyDeletehttps://imgur.com/zsbklUU
A new post is started for the next day.
ReplyDeleteTJ