Nothing about this count breaks the 'rules' of Elliott Wave. The overnight wave is the very definition of impulsivity.
Wave iv may be a failed 'double-combination' wave. It is 13 bars long compared to wave iii's 8 bars. So, it is longer in time, as Neely likes to see. Also wave iv breaks the Neely 0 - ii trend line.
Price is down at the lower daily Bollinger Band. Can it go lower? It can. We'll be on the watch.
Have a good start to the evening,
TraderJoe
I believe that the above chart is not in agreement with step 6 of the eight-fold path.
ReplyDeleteI have come to believe that these short two and long fours, and vise versa, are an attempt to force an impulse when the odds are very low.
It's doesn't 'precisely' follow TEFPM, but it is a 'first' wave. The part that is off is 180 candles instead of 160. I'll take it any time.
Deletehttps://www.tradingview.com/x/kdAlN0Gd/
TJ
TJ, Is this EWO behavior what one might expect to see if a wave 5 is the extended wave doing a blow-off top?
ReplyDeletehttps://imgur.com/9VevQyP
Waves one and three are close to equality.
Thank you.
I know. I get it. I'll get criticized because five is not 'also' longer than three in 'time' as well as in price.
Deletehttps://www.tradingview.com/x/AYDWLWYY/
I'm showing this example because diagonals DO NOT always work out perfectly in time, too. Sometimes, the market is either in a 'hurry' because of 'news' or it takes it frickin' time and the third waves become quite long in diagonals. Please understand, I am 'not' responsible for news.
TJ
Thx for the responses!
DeleteOvernight corrective channel?
ReplyDeletehttps://imgur.com/aE2QbCh
adjusted
Deletehttps://imgur.com/l64XcFI
A new ES low and one would have to monitor the lock on the trap door.
ReplyDeleteCounting either 4 of 5 or 1 of 5 done. Hard for me to imagine anyone counting this decline as anything other than a 3rd wave!
Delete@Tachy ..Dow (futures) hasn't even made a new low, as yet.
Deletehttps://www.tradingview.com/x/trqKZN0x/
TJ
..and see below @ 12:50 PM. Both red & blue work at this moment. TJ.
DeleteTrue! Any doubt about it? 😊
DeleteGOLD (GC Futures) 1 hr : GOLD has come back to 62% and the underside of the diagonal. Worth monitoring.
ReplyDeletehttps://www.tradingview.com/x/Kii7TKSy/
TJ
ES 30-min: from the intraday wave-counting-screen. It looks to me like other counts would 'break-the-rules'.
ReplyDeletehttps://www.tradingview.com/x/M3CaKmHg/
TJ
..both red & blue are long enough to satisfy the expanding diagonal. TJ.
Deletewave 3 is the longest wave in price; where we are now does 'not' have the acceleration of a third-of-a-third. TJ.
DeleteBtw, I was not stating what degree of a 3rd. I am happy to concede a possible 3 of a 5th!
ReplyDeleteThe lower high in some volatility instruments does in fact suggest a 5th down.
ReplyDeleteThx for the info. TJ.
DeleteAnybody entertaining a b wave today?
ReplyDeleteLooks pretty chunky since the overnight high.
DeleteJust fyi - NYSE adv / dec = 415 / 2,378 or roughly 1 : 5.7, still no 1 : 9 through 1 : 12 'kick-off' yet. TJ.
ReplyDeleteSPY 15-min: there's the lower low in five-down. Can go further.
ReplyDeletehttps://www.tradingview.com/x/9fKzsnuo/
TJ
The count would be like this 'in cash'; not the futures. Five down would be over if the market trades above ④; not until or unless.
Deletehttps://www.tradingview.com/x/CaxgGnBC/
Yes, I know the futures had a higher high. I am counting them a bit differently.
TJ
Joe, i was quite skeptical that we could see a contracting diagnal of high degree, Regardless now if it occurs its a legendary great call.
ReplyDeleteYou yourself called a smaller degree diagonal just a day ago. It wound up being ending & not leading. That's how it goes. The same pattern can be 'both' a leading and an ending pattern. You did a good job. It is the wave principle itself which makes life difficult. TJ.
DeleteI have to agree with BB that that 4th wave is ugly as sin. No surprise though. Looks like the market masters were hell-bent on arresting the impulse and morphing the pattern into yet another chaotic, confusing 3 wave affair. Mr. Market said "NYET!" Seems whether an A or 1, turbulent times ahead!
ReplyDeletemonthly 18ma hit - not much lower, maybe 5350 though :)
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ