With today's close in the cash market, the last four bars of the daily ES futures have a pattern of lower highs. But, as yet, there has not been a significant lower low.
So, there can be a number of patterns at play including a couple of triangles. Still, price is currently below the 18-day SMA and so has a negative bias. The daily slow stochastic has worked off an over-sold condition and is neutral at the midline.
A lower low than yesterday would likely have the effect of making a lower high and a lower low below the 18-day SMA, but that hasn't happened yet. So, we just remain flexible and are counting on smaller time frames.
Have an excellent start to the evening,
TraderJoe
Looks pretty obvious that at some point were going to rally to that 5900 cluster of moving averages. Over the 18ma and we're good to go
ReplyDeleteI don't know how many noticed the present correction to date has almost been identical to previous correction size wise. https://www.tradingview.com/x/iEU20mjF/
ReplyDeleteNear term, NDX and SPX divergence with DJIA in taking out 4/16 lows unlikely to persist imo....
ReplyDeleteGC gold: I'd first be inclined to label the wave in this first picture given best fitting parallel (at the moment) and market sentiment, but I couldn't figure out red 3:
ReplyDeletehttps://i.postimg.cc/V6j4Pqdn/Screenshot-20250419-135556.png
Furthemore, EWO on the weekly indicates that perhaps the red wave is not over. So, now, I have yellow wave an extended fifth. Purple is expanding diagonal with throwover five (do those even exist?):
https://postimg.cc/QBsQdzH5
Thoughts? And I'm not sure what extended waves are -supposed- to look like on EWO. Do you have examples?
The clearest example of an extended fifth wave I know of is this weekly on the Dow. Wave 3 is just larger than 1. Wave 5 is just larger than 3. (You can adjust to 2 wkly to get 160 candles).
Deletehttps://www.tradingview.com/x/4N4eda4v/
I expect commodities to be different. And in an ending expanding diagonal wave 5 can be 1.618 x 3 or more.
TJ
That one is going in my trading file!!!!
DeleteA new post is started for the next day.
ReplyDeleteTJ