ES Daily Bias - Up (Price over 18-day SMA)
ES Swing Line - Up (Higher Highs and Higher Lows over the 18-day SMA)
Moving Average Bias - Bullish Configuration (18-day above 100-day above 200 day)
Daily Slow Stochastic - Fully Embedded (above 80 for more than three days).
Next Upper Bollinger Band Resistance - 5,518
Next Upper Elliott Wave Resistance - Wave 5 = Wave 3 at 5,518
Next Lower Support - 5,371 (Price returns to 18-day SMA)
Note: wave degrees in the above chart are shown as relative only and will be corrected on the weekly chart. Further, the wave counts are tentative only until such time as the waves make a sufficient retrace that overlap or another problem prevents continuing with this wave count.
IF you are a regular reader of this blog, please let me know if you prefer the constant rehash of the basic trending information or not. If people lose sight of it and find it is useful to help them keep it in mind, I will try to find an even easier way of presenting it. But "buyer beware". You will often AT TIMES have to put up with inconsistencies, like, "Daily Slow Stochastic became unembedded today. Only day it can re-embed is tomorrow." Etc.
I hope all regular readers of this blog will voice their opinion on format. Otherwise, what am I writing for?
Have an excellent rest of the evening,
TraderJoe
I would benefit from a quick reminder. I have it programmed into one of my studies but I find myself on my EWO study way to much and do not confirm the two.
ReplyDeleteDB neg nut pos
DeleteSL neg nut pos
MAB neg nut pos
SSTO neg em neg nut pos pos em
I'm a swing trader, so this is my PRIMARY pov anyhow. So I will never skip over the intermediate horizon counts (as I would call them -- multi week, multi month even). IMO, there is too much 'noise' on my daily charts to place high confidence for trading (or counting) purposes unless I really want to front run. (And the noise level tends to amplify around turns.) I have my own non EW system, but they can only confirm and not anticipate all that well, so the local stuff for me just feeds into this kind of perspective at a decision level. Complicated these days by various indices being notably out of sync. FYI ... my indicators "think" we're in a 3rd of 3, not a 5th of 3 as I'm seeing momentum peaks (eg RSI9 in mid 80s) and not yet the trend indicator divergences at the daily degree that I would expect. (Yes, I know, wasn't W1 already the extended wave?) Have a nice mid week break all.
ReplyDeleteThank you TJ. Your efforts are greatly appreciated. I have followed you for many years and check this blog daily.
ReplyDeleteI vote "yay" on this format.
ReplyDeleteThx for saying. TJ.
DeleteI actually like that format a lot.
ReplyDeleteThx for saying. TJ.
DeletePerfect.
ReplyDeleteNo changes necessary. Thanks Tj
ReplyDeleteHey TJ, following your work for a while now, much appreciated... As this is a wave counting website, the only topic related information of these above would be common fibbased upper EW resistances (as provided above) or lower EW supports as well as crucial count related MOBs. I often see significant moves at MOBs. At least for me, this would help me much more, anything else is in my working chart anyway.
ReplyDeleteThank you for your educational work
What are MOBs?
DeleteMake or Break----it holds a level or continues thru the level
Delete@HG, "Make-Or-Break" - like wave 2 can not retrace all of wave 1, so the origin of wave 1 is a Make-or-Break". But many more examples too, like wave 4 in an impulse can not retrace into wave 1 territory, etc. TJ.
DeleteI too read your updates daily and often intraday, and I too like the new format. Perhaps, if I may, add the bigger picture - higher degree labeling. Such as, if a 5 wave move completes when should that move be labeled as?
ReplyDeleteThanks for reading often. This was the post just prior to this one. The larger two-weekly picture. Perhaps it was missed.
Deletehttps://studyofcycles.blogspot.com/2024/06/three-and-one.html
Or perhaps I need a further format change. TJ.
I sense some frustration out there. If I ask myself what emotion would be present near the top of an .786 wxy 3 in a diagonal or 1.618 B wave, frustration would be it.
ReplyDeleteI thought 1.38 would hold it but AI mania said otherwise.
I like the new format.
ReplyDeleteThanks for saying. TJ.
DeleteIn light of the Juneteenth Holiday for stocks, and additional blog post has been started with a murkier example. Your feedback is still requested.
ReplyDeleteTJ
I like the new format
ReplyDeleteHi TJ. I appreciate all the effort that you put in and find your blog useful to help me firm up my view. My only comments are that it’s helpful to see where the current count is in relation to the longer count. Also the chart may get busy if you have the 100 & 200 DMA. I apologise if you covered it elsewhere but what is the reason that you use SMA over EMA? Thanks again for all your hard work.
ReplyDelete