We showed a potential uptrend with a triangle count on the ES 2-hr chart. It is repeated below. Today we noted the up wave got to 78.6%.
We don't know that the up wave is over. We are monitoring for that. If the up wave should be over, then a reciprocal 78.6% down wave might occur IF we are in a triangle. It should exceed the ⓑ wave of the b wave, lower. Remember, a triangle can not be called until all five waves and their measurements are in the market.
This could all be a part of the "battle at the 18-day SMA" on the daily chart.
Reminder: FED Chair Powell is expected to speak to Congressional House members tomorrow.
Have an excellent rest of your evening,
TraderJoe
Thanks Trader Joe, for your clear and concise summary of the EW count possibilities at this time. 😊
ReplyDeleteThis is just speculation but it seems like there is this weird H&S setup that may play out
ReplyDeletePotential H&S: MES Chart
If so, will be interesting to watch if there is still some upside left first.
CPI up; market down hard. Prior ES 2hr low is key. Triangle still barely possible but so is a double zigzag or more, lower. No time for heroics. Chair Powell testifies again today.
ReplyDeleteTJ
I'm reading this as a likely C of B with a final move up into later February.
ReplyDeletePs the Vix looks like ab finished with C forming now on the hourly chart
DeleteThe rebound is looking quite strong so far...the next wave is the 3rd wave up whenever it starts or started
ReplyDeleteOr a B with C down next.
DeleteCould be but we now know the minimum upside...
DeleteI applaud all that are trying to count ES or SPY.
ReplyDeleteLol. No just trying to find trading probability using ew. Here is a triangle this will go with your diagonal count
Deletehttps://www.tradingview.com/x/VXzOWp16/
Dow one down and 3 up so far. Today's CPI should be a game changer.
ReplyDeleteSPY 5-min: very difficult to get wave-handles on other locations even on this five minute time frame.
ReplyDeletehttps://www.tradingview.com/x/yMOh5Uue/
TJ
The way sp is moving. Chances of this being a D wave of triangle increasing. The triangle posted above
DeleteSPY 5-min: now a double-overlap on the first wave up. This 'could be' a better four, but not necessarily.
ReplyDeletehttps://www.tradingview.com/x/PpBvGTkV/
TJ
Must be of the "leading" variety"...😊
ReplyDeleteSPY 5-min: based on the length of time, the down wave is best viewed as some or all of the correction.
ReplyDeletehttps://www.tradingview.com/x/DgNCvtQA/
Yes, it could go lower on PPI tomorrow morning.
TJ
Hardly a "deep retrace", but oh so typical nowadays!
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ