Today 'might' have formed double 'spinning top' candles. The EW count has not changed. The up wave has taken more time than the down wave and thus measures less impulsively.
There's nothing guaranteed. There is nothing particularly bearish on the chart. Price has still closed above the 18-day SMA and therefore shows a positive bias. The bias remains positive until price closes below that same SMA. The daily slow stochastic (regular calculation) is embedded - a strong technical signal. The double spinning-tops is something to watch carefully. Confirmation of them to the downside would be needed as with any candle signal.
Have an excellent start to the evening.
TraderJoe
When even this blog has given up, I become a full bore gamblin bear.
ReplyDeleteNo one has given up - just traveling for Mother's Day if that is allowed. Lol. TJ.
DeleteThe VIX was up today. PPI and CPI next and then NVDA next Tuesday. Gamestop mania is back. I give a new high a 65% chance above 5300. This rally is destined I think to bring in total exhaustion. Thanks TJ for letting me post my chart,much appreciated.
ReplyDeleteYep. Price action continues to point to consolidation. I expect the eventual turn to me un- mistakable. 😊
DeleteBoth Gamestop and AMC up 100% pre-market. More shorts getting obliterated.
DeleteES 1-Hr: PPI came in hotter than expected; so far, another 20+ point dunking, none of which shows up in the cash market. According to the EWO this can still be a fourth wave, but doesn't have to be. I.e. fifth wave up or diagonal down, but the new high should be given a chance.
ReplyDeletehttps://invst.ly/14uoja
TJ
Reminder: FED Chair Powell to speak at the top of the hour. TJ.
ReplyDeleteHere is a link to the event.
Deletehttps://www.cmegroup.com/education/events/econoday/2024/05/feed617015.html
TJ
Thanks. They are ready to reduce.
Delete@ manu ??
DeleteFederal Reserve Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected and will keep the central bank on hold for an extended period.
https://www.cnbc.com/2024/05/14/powell-says-inflation-has-been-higher-than-thought-and-expects-rates-to-hold-steady.html
TJ
Re-hear the full interview.
DeleteES 5-min: we had a wedge up, which broke only slightly, and so is short in time. It 'could' be all of ii, or just 'a' of ii.
ReplyDeletehttps://invst.ly/14updi
TJ
ES 5-min: this count works in futures for now - but be 'very wary' of it because of what cash did. That is, the count may not work in cash.
ReplyDeletehttps://invst.ly/14upjw
TJ
SPY 15-min: here's what things looks like in cash, so far. It's a 'possible' pre-CPI triangle unless the triangle breaks down, then the alternate (in red) takes over.
ReplyDeletehttps://www.tradingview.com/x/dwNb2a12/
TJ
..and remember, one leg of the potential triangle 'can' become a complex leg w-x-y or a triangle itself if it choses... .or in the overnight. TJ.
DeleteES 5-min: this count is more in line with cash.
ReplyDeletehttps://invst.ly/14uryy
TJ
SPY 15-min: SPY has the new high.
ReplyDeletehttps://www.tradingview.com/x/9BtNFzLZ/
TJ
ES, too, now. TJ.
DeleteThe UST bond above 117'29 is bullish. How far up in wave C of the bond will the market follow?
ReplyDeleteI think my supercycle EDT is alive and well....5310 SPX?
ReplyDeleteWhat is EDT? Ending Diagonal ___? Triangle? Never heard of that.
DeleteIndeed! 😊
ReplyDeleteAnother divergent high now with quadruple bear divergence on the 4hr time frames (ES). 5th Wave of C/B looks finished. A gap down tomorrow would trap longs and start setting up a good move down for the surprise C wave.
ReplyDeleteMany bearish head-fakes. Price continues to consolidate so looks like a bit more to go before a top. 😊
DeleteTOP PICKING is for losers
Deletesee my blog
it says STRAIGHT UP !
As expected and the UST is headed higher.
ReplyDeleteES
ReplyDeleteExpanding diagonal is out with new high.
Since one wave can be complex in a triangle, still thinking this is just a real nasty wxy for a B on the weekly.
Probably get a new high just to throw everyone off.
I would have this as b of a triangle on the weekly.
DeleteW4?
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ