Price has been playing cat & mouse with the prior highs. The SPY (cash) hourly has twice peeked above its prior high, as in the chart below.
The ES has not yet exceeded the early November high. If it does, we can continue to consider the diagonal wave count. Perhaps it will on Friday or early next week.
Meanwhile the SPY, above might be making a diagonal or a barrier triangle which might signal the end/near-end of this particular up wave, which - again - might be the wave ③ of a larger diagonal or up wave.
Bottom line? There might be some whippy action in the vicinity of the overhead resistance from the prior high.
Have an excellent rest of the week.
TraderJoe
ES 1-Hr: a local count looking like a triangle.
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TJ
SPY 1-Hr: SPY (cash) has another local new high.
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TJ
ET, curious if you keep track of the amount of comments on your blog near highs and lows of the market? If so, does the frequency of comments or lack thereof, track market highs and lows relatively close? Thanks
ReplyDeleteSeems to get most active when we have a downtrend that can count as either 3 or 5
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