Here is the daily ES futures chart. Today was another outside day down. It's kind of rare to see those within a couple of days of each other. Certainly, the trap for the bears (taking out the high of the outside-day made on 24 Jun within the next two trading sessions) was not sprung. In fact, the two lower low days may serve to confirm that first outside candle.
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| ES Futures - Daily - Stepped Out of Uptrend |
Notable on today's chart while the wave-count may have completed, the daily bias is still up as price remained over the 18-day SMA. Further, the swing-line has a higher high but a lower low and is still above the 18-day SMA, so it is not trending downward as of yet. However, the mixed swing-line means the market has - at least temporarily stepped out of its uptrend.
Further, the daily Slow Stochastic this evening is potentially losing its embedded status with a reading of 74 (under the 79 limit). But one must wait until the close tomorrow to verify whether it gets lost or not. If the embedded status should be lost, then price and the 18-day average may try to come together - sometimes on the same day.
Price today made one daily overlap, but not a significant one, yet, in terms of the wave count.
Have an excellent rest of the evening,
TraderJoe
What kills these bubbles usually is all the stock splits in the leadership. NVDA might be a good example. Ten times the float and record call volume Friday. The Dow is masking the selling. Maybe tomorrow at some point the market turns down in earnest. Just my thoughts.
ReplyDeleteTJ, I know you have been putting in a lot of time lately, but I was wondering if sometime in the next few months you could update that "for the life of me chart".
ReplyDeleteI have nothing that goes back that far.
I find that chart fascinating on many fronts.
DeleteIts hard not to argue that social mood and fundamentals have already diverged within wave 3.
What specifically were you looking for to be updated? A certain portion? TJ
DeleteWas thinking just an update since the original post but it does not make much of a difference.
DeleteES 30-min: just fyi from the intraday wave-counting-screen, the prior fractal low has been exceeded lower. (Chart is behind the usual 10-15 min).
ReplyDeletehttps://www.tradingview.com/x/ZH6bU37k/
TJ
ES 30-min: did get within 90% of the low, so a Flat wave is possible. This up wave could be the 'c' wave of the flat. TJ.
Deletehttps://www.tradingview.com/x/PMMwxXmk/
DeleteJapan, will it turn down here?
ReplyDeletehttps://i.postimg.cc/g0NJmmvX/Screenshot-184.jpg
In the ES 45 minute could there be a nested 1,2's off the top? or A wave down to start minor 4? just wondering. Thanks TJ
ReplyDelete'Possible' for nesting. Yes. But to maintain it. Wave ii in the chart below has to remain below 5,550. To be a smaller degree ii, it really, really, really must be smaller than the larger 2 (by measurement).
Deletehttps://www.tradingview.com/x/9gyiQvSo/
TJ
Lot's of bullishness it seams and I looked at the chart and said wait a minute. Thanks for the answer TJ much appreciated.
DeleteA new post is started for the next day.
ReplyDeleteTJ