I can't swear to it, but I think this is how it goes in the hourly ES futures. The expanding diagonal off of the low meets the correct length requirements for each of the segments and is deeply retraced.
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| ES Futures - 1 Hr - Channel |
That is i/a and ii/b, the MACD indicates a strong third wave following, and for alternation, there may be a Flat wave following. The alternate is that there was an overnight wave as iv which is complete in a wedge count and the majority of today is the v, up, of the wedge.
So, the parallel is drawn in - as are the retrace waves off of wave iii/c - which ended at the location of a prior ④th wave. But because that was only a 23.6% retrace, the question is whether a deeper 38 - 50% retrace wave will be made possibly beginning in the overnight tonight.
The alternate is given as this is a possible minute ⓑ wave up of an expanded flat, after the minute ⓐ wave down, shown in prior posts, and 'B' waves can be very, very testy.
There are other alternates (such as locating all of the Minor B wave low where minute ⓐ is shown or locating minute ((iv)) of Minor A at the same location. If so, five waves up would end Minor A and we would try for a Minor B wave down, again!) But there is insufficient evidence for them at this time. So, we need to take it a step at a time and resolve a wave at a time.
Have an excellent start to the evening,
TraderJoe
Tj,
ReplyDeleteA few days ago you had put up a chart with many gaps on the Spx.
upward gaps have further increased!
What's your take on this.
At some point, one of them will become an exhaustion gap. The sequence usually goes, "initiation gap", "continuation gap(s)", "exhaustion gap". Here are some valid shorter term gaps on the SPY 30-min.
Deletehttps://www.tradingview.com/x/w3VhzeGH/
But, you know what they say, "you can't rush Mrs. Market when she's busy putting her make-up on."
TJ
SPY opening gap closed.
Deletehttps://www.tradingview.com/x/xgmRaw1Q/
TJ
ES 30-min: reminder of the intraday wave-counting-screen with updated daily pivot and local fractals. Note how the gap close corresponded to the breaking of the two fractals lower and the tag of the lower intraday Bollinger Band. Then, there is a resumption of the battle for the intraday 18-per SMA.
ReplyDeletehttps://www.tradingview.com/x/QNOzTfbv/
There is some upward overlap, already.
TJ
SPY 30-min: second downward gap closed.
ReplyDeletehttps://www.tradingview.com/x/UUVFidni/
TJ
SPY 5-min: pretty sure that so far, we have only had an a, b, c down with 'a' as a contracting diagonal. Maybe it starts a larger diagonal, maybe not.
ReplyDeletehttps://www.tradingview.com/x/zDPH5z89/
So, all one can do is watch the high and watch the low.
TJ
Now up and over that prior b wave.
Deletehttps://www.tradingview.com/x/Xzx7VAtS/
TJ
Now downward overlap. TJ.
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