Here is the continuation of the SPY 1-hour chart from yesterday. It's a lot of back & forth and algo action. We 'probably' had the fifth wave of wave iii this morning after the jobs report.
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| SPY Cash - 1 Hr - Impulse |
We may be into either a flat or triangle fourth wave iv. We might dither around until the FOMC report out next Wednesday, we might top earlier. The wave structures are getting very weak intraday. But there are no overlaps of major concern yet.
Have an excellent start to the evening,
TraderJoe
That ZB_F recent rally looks corrective now with todays drop.
ReplyDeletePuzzling? Thanks TJ
Not puzzling. Have confidence! The channel and the overlaps agree with you. The pattern may be taking the form of the expanding diagonal, as shown below. Each sequence is a crisp zigzag (no truncations). Wave 3 is currently longer than 1. Wave 4 is greater than 2 and overlaps wave 1.
Deletehttps://www.tradingview.com/x/SX0ub9zG/
Therefore, unless something really unexpected happens, wave 5 should become longer than wave 3 in a clean zigzag. Hope it helps.
TJ
Excellent TJ; thank you
DeleteI think there may not be another high until after there is a correction.
ReplyDeleteES chart
There is a potential to go all th way to mid 5100s imo albeit with some what whippy mkt move in the middle as shown the above chart
See this post. I won't repeat myself.
Deletehttps://studyofcycles.blogspot.com/2024/05/anything-you-want.html
TJ
A new post is started for the next day.
ReplyDeleteTJ