Today in the SPY cash index largely went sideways on the smaller timeframe after one pop to a higher high. Below is a chart of the SPY cash 10-min, showing one very valid form of a potential running triangle.
 |
| SPY Cash - 10 min - Potential Triangle (alt diagonal) |
As you can see the potential e wave retraced over 62%. So, it could be over. But e waves can also do some more time-wasting things. For example, they could form a double-zigzag lower. But they could form an ending triangle within the triangle as well. All of that remains to be seen, yet. Since, the potential triangle could be over, it might pop in the overnight.
There are only three things we can say. First, above b wave and the triangle is likely over with a thrust due next. Or, second, under the a wave, first - without having gone over the d wave first - then possibly there is a diagonal lower starting out with three-wave sequences. As of this time, there is no sign of the latter. Third, price has not yet been driven very far into the apex of the triangle yet so it may have further to go - but that is a judgement call.
So, keep a close eye on things and remember the saying, "trading is treacherous in triangles".
Have an excellent start to the evening,
TraderJoe
NYA made a new ATH today 12 hour chart
ReplyDeletehttps://i.postimg.cc/s2KLyDsj/Screenshot-6.jpg
No. Four, 4, cannot be below 2. TJ.
DeleteW,XY from October low?
DeleteHello, as a newbie to cryptocurrency trading, I lost a lot of money trying to navigate the market on my own, then in my search for a genuine and trusted trader/broker, i came across Trader Bernie Doran who guided and helped me retrieve my lost cryptocurrencies and I made so much profit up to the tune of $60,000. I made my first investment with $2,000 and got a ROI profit of $25,000 in less than 2 week. You can contact this expert trader Mr Bernie Doran via Gmail : BERNIEDORANSIGNALS@GMAIL.COM and be ready to share your own, tell him you were referred by me
DeleteAs you can see the potential e wave retraced over 62%. So, it could be over. But e waves can also do some more time-wasting things. For example, they could form a double-zigzag lower. But they could form an ending triangle within the triangle as well. All of that remains to be seen, yet. Since, the potential triangle could be over, it might pop in the overnight
Looks like we are in the last wave of an ending diagonal in the NASDAQ composite (IXIC)
ReplyDeleteES/SPY CFD 30-min: over the prior triangle high.
ReplyDeletehttps://invst.ly/165dtd
TJ
fyi only - PMI's due out at quarter 'to the hour. And existing home sales top of the hour. TJ.
ReplyDeleteComposite PMI - 54.1, Services - 55.2, Manuf - 48. TJ.
DeleteExisting home sales +1.3% compared to -5.1% (M-M) TJ
DeleteSPY 15-min: high-to-open gap closed; not yet close-to-open. TJ.
ReplyDeleteSPY opening gap closed.
Deletehttps://www.tradingview.com/x/CkvWLJxo/
TJ
bulls need to rebuild the high; bears need to take out the 'e' wave. It's a 50:50 battle right now. TJ.
DeleteOn the speculative expanding diagonal count.
ReplyDeletehttps://imgur.com/UKmZrNP
Here is one similar.
https://imgur.com/yg1uJP1
SPY 15-min: triangle e wave exceeded lower.
ReplyDeletehttps://www.tradingview.com/x/D5HqZ8aq/
TJ
Bears have the ball 🏈
ReplyDeletetrue dat .. TJ
DeleteSPY 1-hr: just a reminder to keep this larger channel in mind.
ReplyDeletehttps://www.tradingview.com/x/RuYTlDiw/
TJ
Yes and then possibly another push up to 5700+-. We shall see. These Fed induced manias die hard.
DeleteAnd then again the NYA made a all time high yesterday. Anythings possible.
DeleteOutside reversal days certainly don't mean what they used to. Lol!
DeleteGold is trying to hold the top line on what I believe is a b triangle in the larger B wave.
ReplyDeletehttps://imgur.com/vrpg3Xd
I move under 2469 would add confirmation that the C wave has started.
Leading or Ending ?
ReplyDeleteSPY 5-min: lower low towards the close likely makes it :5 down as a diagonal.
ReplyDeletehttps://www.tradingview.com/x/j4I1Iu3d/
TJ
diagonal needs end soon.... or 5th wave getting too long in time.
ReplyDeleteHere is the cash overlapping diagonal; not tracking futures yet.
ReplyDeletehttps://www.tradingview.com/x/0quKjNwL/
I don't see any problem with wave lengths. Notice the diverging RSI.
TJ
So, the market is left in the hands of Chair Powell, tomorrow morning, with his Jackson Hole speech, scheduled for 10 AM ET. Sometimes they 'release' the speech early so be careful. I have no clue how they will handle this one. TJ.
ReplyDeleteES 5-min: using the futures at the EWO shows the divergences a lot better (just for clearer graphic representation). Since there are only half the required number of candles use the 13-per EMA instead of the 34.
ReplyDeletehttps://www.tradingview.com/x/hIkA98H6/
Futures are now above the upper diagonal trend line, so diagonal is likely over.
TJ
Could be ending diagonal and bear trap
Delete..that is the risk in diagonals, but at least lower lows over the triangle were made. TJ.
Deletea couple of other notes: 1) I'm really wondering if that triangle will be meaningful in the sense of the last structure prior to the last wave in that direction. In other words, if we 'are' going higher, why did we just have a triangle to indicate, "last wave"? also 2) Watch the form of that diagonal, until the upward wave lengths get too long it could be nested 1,2,i,ii - that is because the shape of the diagonal was a bit funky, even though the divergences on the oscillator are fantastic. TJ.
DeleteA new post is started for the next day.
ReplyDeleteTJ