When we left off counting on Friday, we were looking for a fourth wave. The ES 8-hr chart below seems to indicate one was made. This chart presently has about 90 candles on it, so it can develop more in time.
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| ES Futures - 8 Hr - Minuette (iv) ? |
Price is still in the parallel. The chart suggests that a further wave minuette (v) of the minute third wave should be made, followed by a larger fourth wave, minute four (circle-iv). Then, for an impulse there should be a minute fifth wave down (circle-v).
The EWO is still on a low, so we'll begin to look for divergences soon.
Have a good start to the evening,
TraderJoe
Right on schedule!
ReplyDeleteA - B(triangle yesterday) - C(today’s open) for minuette iv ?
ReplyDeleteHuge money flows into tech yesterday. It seems quite a few are convinced we have a bottom! 😂
ReplyDeleteThey always forget the '5th' wave.
DeleteES 5-min: there was a triangle near the high. Then the high. Then the ((E)) wave of the triangle was broken lower in five-waves-down.
ReplyDeletehttps://www.tradingview.com/x/t5L3pOof/
'Possible' for one more new high, depending on how big the channel goes back. But not required. Watch to see if a retrace does not go over the high of the 5,300 round number.
TJ
Fantastic, spot on analysis TJ!
DeleteAs always. 😊
+1
DeleteES - 5-min and intraday. If we make another low below 5,069 there would be a larger five-down on the five-minute chart. But, be cautious. It is possible on the daily that price wants to close back into the band.
ReplyDeletehttps://www.tradingview.com/x/qQqrpgQv/
If so, that might happen on a second wave up.
TJ
Looking for a flat or triangle to alternate with blue (ii) above.
ReplyDeleteES 5-min: into five wave down with the lower low; watch to see if the MACD sustains the divergence. Not enough candles for TEFPM.
ReplyDeletehttps://www.tradingview.com/x/fPKMttTh/
Waves are 'not' precisely in a channel and wave 4 breaks the 0 - 2 trend line. Can go lower if it wants.
TJ
Bulls tried to do a stick save with that long wick candle at 2:30. Messy.
ReplyDeleteFlat wave; as Roy suggested; called a "running flat" technically. As it failed.
DeleteTJ
SPY 5-min: wave 5 nearing 0.618 x net [ 1 through 3 ]. If it goes too far, it will become an x5 wave. Not there yet.
ReplyDeletehttps://www.tradingview.com/x/MoVSX14E/
TJ
Now beyond 5 = 3; can be x5.
Deletehttps://www.tradingview.com/x/9fYSiz6V/
TJ
..short-term MACD divergence was lost. TJ.
DeleteSPY 5-min: now a longer wave up than prior.
ReplyDeletehttps://www.tradingview.com/x/dLWGSSwr/
TJ
Beautiful chart, TJ! 😻
DeleteWow! Largest S&P opening gap up on record....for a 4TH WAVE!! I have a new-found awe of EW. So happy when my own count mirrors TJ's. Thx for the blow-by-blow. Awesome work!!
ReplyDelete👍👍🏻👍🏽
Deleteits acting more like a smaller C wave right now. My feeling is a C of B with a possible large move up into Friday. We are through the weekly BB for almost 5 weeks here. I don't think it's surprising that the market sold off, but I would be surprised if they just let this thing drop to 4600 from here considering the technical circumstances.
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ