This count in the SP500 2-hr cash close-only chart seems to provide alternation with a sharp second wave, shown as 2, and a very sideways fourth wave, shown as 4. (The wave degrees are relative and are just for illustration at this point.
Price is up against the daily Bollinger Band. Higher highs are possible but it's getting risky to depend on them. I want to see what the Equity Put-Call Ratio is tonight, and if there is a "turn on Tuesday".
Have an excellent start to the evening,
TraderJoe
i still se nested 1/2,we will findout very soon. thanks
ReplyDeleteGoodness, that would spell real economic problems going forward.
DeleteDJIA has arrived at my target which also happens to be the confluence of quite a few over-lapping pattern, most prominent being an upward expanding wedge (classical designation). I think we are just about done.
ReplyDeleteSPY 30-min: Within 5-above, the first retrace is less than 38.2% as the Fibonacci ruler shows. That 'suggests' but does not prove an extended first wave. Yesterday's expanding diagonal may have ended iii in 5.
ReplyDeletehttps://www.tradingview.com/x/BGrhQ9rz/
TJ
SPY 30-min: price has exceeded the start of yesterday's expanding diagonal, making it a true diagonal (or still the B wave of a flat).
Deletehttps://www.tradingview.com/x/m27fvd93/
TJ
SPY 30-min: now down to lower parallel, and likely five-down. But, the blue count is added as an alternate in case this is c = a for a diagonal (i) at the high, and a 62% retrace would then be expected if this thing gives way, instead. Again, a diagonal is not required - just a possible construction.
ReplyDeletehttps://www.tradingview.com/x/yJmMNSFR/
TJ
very easy now to see levels of nesting based on size of this down wave if its a 4 exceeding prior 4th waves
ReplyDeletebreaks of 5815 and 5780 reduce nesting 1 degree each. if above 5815 on this down move its very very bullish
ReplyDeletethese are on spx btw
Deletealthough I am trying to see your nesting point it is not well enough explained. In this ES hourly chart, the current down wave is longer than the prior one, likely making them 'at least' ii & iv by degree labeling, that is of equal degree, or else, this down wave is one degree higher.
Deletehttps://www.tradingview.com/x/pCx2mPGQ/
TJ
Yep!
Deletei agree with that count. i am comparing that 4th wave to the 2 prior larger degree 4th waves , they are not on chart, 6/20 and 9/17 approx by my count would be 4th waves of impulses. thats how im gauging this pullback.
DeleteThis comment has been removed by the author.
Deletei am considering another way to determine "or else the down wave is higher degree, and i would expect that we would have then had 5 up not 3 up. just my humble observation
DeleteMy count as well for DJIA,, not sure about the rest.
DeleteTruncated 5th Nvidia..?
ReplyDeletehttps://invst.ly/16u1p4
Seeing lot's of pot triangles in tech.
Deletehttps://invst.ly/16u1rc
daily
https://invst.ly/16u1sf
Also XLC communication services (meta, googl, etc) weekly
Deletehttps://invst.ly/16u1tl
daily, nice swings around ma34, sorry for spaming...
https://invst.ly/16u1v1
@eril : it "might" be a failure in NVDA, but don't forget about the barrier triangle possibility. Nothing is broken yet. Caution, patience and calm.
Deletehttps://www.tradingview.com/x/2sksQTrh/
TJ
Yes thanks!
DeleteTJ if you have time, you think it's a daily triangle on XLF (financial sector) as well?!
Deletehttps://invst.ly/16u2h1
If so, to put in context, maybe a "b" wave triangel in bigger exp diagonal, like in DJIA
https://invst.ly/16u2h1
Nice over-throw imo
Delete@eril .. 'please' start measuring your waves. Triangles 'usually', 'most-often' have 62 - 78% legs. Therefore, this could be something else. No 62% retrace was made. Please just pause 'drawing trend lines only'.
Deletehttps://www.tradingview.com/x/QT1MXZuJ/
TJ
Yes, how about this? GS daily. 3 legs btw 62 - 78 %
Deletehttps://invst.ly/16u3aq
Look at todays awful reversal candle..
No! The last leg is not 62%. It can easily be a flat wave based on 'measurement' or part of a "running triangle".
Deletehttps://www.tradingview.com/x/QV2SMYRw/
So what?! There was one down day .. lol!
TJ
SPY 30-min: high-to-open gap filled, but not close-to-open gap yet. TJ.
ReplyDeleteSPY 30-min: close-to-open gap fill. Odds of a triangle fourth or a diagonal down just increased a little bit.
Deletehttps://www.tradingview.com/x/tlosIrPM/
TJ
A new post is started for the next day.
ReplyDeleteTJ