Here is the larger daily wedge on the SPY cash index. There is no daily signal candle or confirmation at this time.
There is a also a very, very good chance that we are only in the third wave, ③, as well. These two counts should be considered equivalent until they are not. The alternate might allow the wedge to expand once more - which is something that has been occurring a lot lately.
Have a good start to the evening,
TraderJoe
When I suggested a lot of nested 1 2 you made mention of needing acceleration. What's the objective measure? From my standpoint we are above the 0 2 trendline on all the wave 3s . I don't understand the acceleration or confirmation it brings.
ReplyDeleteEvery Elliott analyst (Prechter, Neely, Kennedy) I know describes it very simply. You draw a "base channel" around waves 1 & 2 and wave 3 must accelerate away from the channel, as in this current wave.
Deletehttps://www.tradingview.com/x/DidK6Gzo/
Almost 'every' multiwave structure has an 'element' of impulsivity. For example, even in a simple zigzag 5-3-5, one of the "5"'s 'should' be impulsive if they are not diagonal.
I wouldn't make a big mystery about this.
TJ
This could be 1 of 5
DeleteThanks
DeleteES / SPY (CFD) 30-min: here's the intraday screen a little early and following the CPI report.
ReplyDeletehttps://invst.ly/16s4pq
TJ
Did we get 5 down on futures overnight and this morning? Seems so. Very choppy so far.
ReplyDeleteEven if we did, nor very probative of late as we have seen higher highs numerous times to following five wave declines. Herd still optimistic.
DeleteThat's because 5 waves down can be an A or C. This doesn't look like a C so either A or 1 leading on futures.
DeleteIndeed!
DeleteSPY 5-min: 1) gap fill, 2) channel fill, 3) longer up wave, 4) 90%+, 5) upper intraday Boliband touch.
ReplyDeletehttps://www.tradingview.com/x/Uqq78Ayn/
TJ
SPY 5-min: now a longer wave down, in price. Flat? or Expanding Diagonal?
Deletehttps://www.tradingview.com/x/wkuu5RaU/
TJ
SPY 5-min: this is getting awfully complex without reaching targets yet. Maybe there is a flat Ⓑ wave for a larger blue ii. But Ⓐ / i looks like a clear 'five'.
Deletehttps://www.tradingview.com/x/9kkco6jH/
TJ
SPY 5-min: breakout to new highs, following downward diagonal.
ReplyDeletehttps://www.tradingview.com/x/RGuU8FXu/
TJ
Looks like final move up to measured targets.
ReplyDeleteI think we completed the 3 ...the red 3 in tj's chart
ReplyDeleteI'm this market 3 is often C. Can't tell you the amount of times I thought 5 was coming and it never did.
Deletex1 with some more patients needed.
ReplyDeletehttps://imgur.com/p4FtQM2
Nice thinking ahead analysis BBRider. 👍
DeleteWe shall see what the next weeks bring. 😉
Soon we will also be in a bullish "seasonal" cycle. 🤔
SPY 2-min (cleaner in the ES) .. five-waves-up after the 13:00 low to within 90%. Watch for second wave down & new highs into the close, or failure.
ReplyDeletehttps://www.tradingview.com/x/eDxcewE4/
TJ
SPY 5-min: new high.
ReplyDeletehttps://www.tradingview.com/x/335pQGAn/
TJ
A new post is started for the next day.
ReplyDeleteTJ