The newest higher highs in the ES daily futures are just beginning to diverge versus the RSI and MACD. We may not be at a top yet, but we may be close. Here is an update on the extended fifth wave count of the Minor C wave of Intermediate (3).
Often the extended wave is the 1.618 wave. It would be so as shown when compared to minute-iii, circle-iii. If we're making a diagonal near the top, we may be hours/days away. Closer in local counts are in the comments for the prior post. See the ES 4-hr chart.
Have an excellent start to the evening,
TraderJoe
TJ----I see 5 up in the YM's and NQ's, if that's right Tomorrow may be strong down
ReplyDeleteI'm not disagreeing, but it's hard to visualize what your count is without a chart. Can you post a link? TJ.
DeleteBut sp made a high with 3 waves
ReplyDeleteI agree a top is close. Fascinating how the narrative of an impending FED easing cycle is being offered for the current run-up in equities.Is it possible all the talking heads have forgotten what happens in 100% of the time since 1955, when the FED funds rate is cut? I think they do know....
ReplyDeleteOn the phone, so no measuring was done, but wondering if weekly crude triangle is complete?
ReplyDeleteT. J, what about IWM?
ReplyDeleteDon't you think Russell change the spy picture?
ReplyDeleteEach index is counted on its own. Clearly, they have 'proved' they can do different things at different times, and this makes sense because each index contains different stocks ..doing different things at different times. So, please stop the "doesn't this index mean that for the other index". These are old, boring and fallacious arguments. TJ.
DeleteRead yesterday that the Federal Govn't has injected 6.5T into the economy in the last year.. 1.6 T deficit makes perfect sense, when I ask myself where is all this money coming from,
ReplyDeleteSo, it's changed everything
ReplyDeleteThis comment makes no sense. If you can't take the time to explain your thought, I won't take the time to respond either. TJ.
DeleteTJ , The government is injecting about 60 billion a month into the economy for the last year and a half. To hide the economic decay in the economy. This doesn't effect Elliott but does effect the money supply and the fund Banks have to fund corporate buybacks and the mania. Why doesn't that make sense? I'm no fool.
Delete@458african .. I didn't get the context because she did not reply under your note. She started a new thread, and I didn't know what her thread was about. I see what she did now. Do you see how much more work is created when someone does not follow the common blog protocols? And they expect to count Elliott Waves with their intricacies? TJ.
DeleteOR ... if you are a money manager, and you can ONLY be a long, where do you run to just before TSHTF?
ReplyDeleteYour 'reversal buy' comment was deleted. This blog is not about buy and sell signals. Please read the "Purpose and Groundrules", featured post, upper right, and abide by them. TJ.
DeleteThe YM_F clearly shows the Dow triangle which measures to roughly 42,000
ReplyDeleteClearly we are in uncharted waters here. I'm just waiting. https://i.postimg.cc/Y25BQ0t0/Screenshot-209.jpg
Your 'extended fifth' chart has been deleted. If you're not going to follow this post, remaining charts will be deleted.
Deletehttps://studyofcycles.blogspot.com/2024/07/paraphrase-neely-on-five-most-common.html
TJ
SPY 1-Hr: does have a higher all-time-high and these associated trend lines.
ReplyDeletehttps://www.tradingview.com/x/W45dDjeg/
TJ
Here is that crude triangle.
ReplyDelete150ish candles.
https://imgur.com/Rb1kkac
Looks pretty good. Remember, one leg 'can' be complex. TJ.
DeleteA new post is started for the next day.
ReplyDeleteTJ.