Friday finally allowed both the cash SPY and the ES futures to synch up with a new all-time higher high. This was the minimum requirement for suggesting a potential diagonal upward, as in the daily ES chart below.
This count can have some marginal extensions but doesn't need to. Regardless, with a near complete count - including alternation - the risks are getting quite high for further continuation to the upside. Meanwhile, the downside risks are increasingly dramatic.
Have an excellent rest of the weekend and start to the new week,
TraderJoe
Possible diagonal on NDX? Don't know how to put it in context.. but the measurements, overlap and divergences are there. If so the election was an impulsive c wave.
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I find it interesting that the pot (a) wave never went over the ath.. so maybe the market would have topped in July had the election turned out differently.
ES 30-min: from the intraday wave-counting-screen; although the chart is behind, there has been a kiss of R1 and the upper Bollinger Band on a 'double' stochastic divergence. The last prior up fractal has broken.
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Intraday remains with positive bias until/unless intraday 18-per is exceeded lower and there is a fractal break to the down side.
TJ
Here is the result of the kiss of the two resistance levels (R1 & Upper intraday band).
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Let's see if there is any overnight follow-through. Remember, we are still only looking for a wave ④ in the diagonal previously shown.
TJ
SPY 3-min: five legit waves down as an expanding diagonal. Can go a bit further if it wants (but not required).
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We did get some of that overnight follow-through. So, this argues for monitoring the high on a retrace.
TJ
Now a > 62% retrace as a possible Flat. Still watching the high. TJ.
DeleteES_F 90 minute has a nice looking EDT.
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