The lack of progress on the Minor B wave downward despite overlap, after overlap, after overlap suggests that perhaps Minor A is still underway with a triangle for minute ((iv)), circle-iv, on the ES daily chart, below.
The remainder of the counting process and conclusions remains the same. Further, we do not know that upward movement is over.
Have a good start to the evening,
TraderJoe
Thanks, following closely.
ReplyDeleteLol! Trade "announcement" right on schedule. Kabuki theatre on steroids!
ReplyDeleteOf course, "done" could be interpreted in more ways than one. 😁
ReplyDeleteES (SPY/CFD) 30 min: just a reminder of the intraday wave-counting-screen. Probably need to take out the equivalent of yesterday's futures low - blue line - for something significant. But there are more & more overlaps.
ReplyDeletehttps://www.tradingview.com/x/N5mGHORm/
TJ
ES (SPY/CFD) 30-min: futures broke below opening-range-low. Put a wave counting stop at the mid-morning high.
Deletehttps://www.tradingview.com/x/O0enUPnI/
TJ
ES (SPY/CFD) 30-min: move the wave counting stop down to the 13:30 high.
Deletehttps://www.tradingview.com/x/qUsjYIJb/
TJ
..and the downward length of 6,027.25 in the ES futures becomes important. If not busted lower a possible contracting diagonal. If busted lower, either an impulse or an expanding pattern (to be determined later). TJ.
Delete..with 6,027 busted lower we are making a larger pattern downward. More in a bit. TJ.
DeleteI was able to catch that.
ReplyDelete😀
DeleteES 30-min: has one close below the lower intraday band, odds 5- 7% of next close (not impossible just lower odds). Watch for upward overlap as that may be telling.
ReplyDeletehttps://www.tradingview.com/x/Na4rkvXV/
TJ
..now upward overlap on both of the down wave troughs. Move wave-counting-stop back to the 6,065 futures high at 11:00 ET. TJ.
DeleteES 30-min: prior bar is outside up. The low of a bar like that should not be taken out within two bars or it constitutes a trap for the bulls (from the summary of Ira's guidelines).
ReplyDeletehttps://www.tradingview.com/x/DExV2bz6/
An expanding diagonal could make a much higher fourth wave in the overnight. Nothing has invalidated. Otherwise for an impulse, lower, a triangle is still possible as of the cash close. Might want to check in on the progress later tonight.
TJ
AHHH green again, was thinking I needed a new monitor for bit there.
ReplyDeleteSPY Cash - 5 min: so, IF cash made this expanding diagonal down with a 1.618 wave, then there is already a > 0.618 'deep retrace'. Wave Ⓐ has been overlapped downward once, but price can pop the high again if that was just a deep fourth wave of Ⓒ.
ReplyDeletehttps://www.tradingview.com/x/vHeDXTYC/
Watch the overlap warning for more information.
TJ
P.S. There is a way to count the futures lower as an impulse with the overnight waves that do not show up in cash. TJ.
DeleteOur esteemed President says the country is “on an unparalleled path”. Just thought you would want to know! 😂
ReplyDeleteThis comment has been removed by the author.
DeleteALERT! ES futures just took out the low of yesterday. Something appears to be going on. Can't find it on the newswires yet. TJ
ReplyDeleteES (SPY/CFD) 15-min Chart below:
Deletehttps://www.tradingview.com/x/SXvaSyHM/
TJ
Bloomberg: futures fall on reports of Tehran explosions. TJ.
DeleteNot sure R N Elliott would agree . He thought parallels were pretty important.
ReplyDeleteES 5-min: five waves down. Might go further, but doesn't have to.
ReplyDeletehttps://www.tradingview.com/x/Lt9ASDU8/
TJ
CL Daily - thought I'd show what's going on with Crude now that the attack is verified.
ReplyDeletehttps://www.tradingview.com/x/HHnrSZ6w/
TJ
ES (SPY/CFD) - Hourly - so far, based on the overnight I only see (a), (b), (c) and then overlap. The (b) wave is a near perfect 2.618 expanded flat. And (c) > (a).
ReplyDeletehttps://www.tradingview.com/x/eSMHdZQp/
This means if lower prices are in store, it may be by diagonal. Very, very difficult to predict retrace level in these circumstances.
TJ
At this rate we will be green by the open. Lol! Very deep pockets dip- buying underway.
ReplyDeleteNukes are positive for the economy as the stimulus needed for rebuilding is greater than your standard destruction and human suffering bomb. :(
DeleteES 30-min: reminder of the intraday wave counting screen, with updated daily pivots and local fractals. Watch that previously embedded slow stochastic.
ReplyDeletehttps://www.tradingview.com/x/MjF0dgsU/
TJ
ES 30-min: Intraday 18-per SMA just touched. TJ.
DeleteThe spy has 5 waves down and it looks like correction is today. If true, Monday will be much further down and under the 18ma
ReplyDeleteIf not a C wave...
DeleteFutures has too many subdivisions for the A Wave. It looks like one choppy wave but I think it's 1 and 3 and then 5 was last night. A full retrace of today's move would likely mean we are going lower.
DeleteOR, if 5980 - 85 holds in ES futures, possible 'b' wave triangle to 'take more time' for the time of the 'a' wave up. Still up for grabs, but there is downward overlap for sure. TJ.
DeleteES 5,980 did not hold, and there is a lower low. TJ.
Delete30 minute spy has 5 waves down and looking like a diagonal. There is a positive RSI divergence on the 5th wave.
ReplyDeleteWhatever the patterns are, and they sure look different in the various indices, looks to me like unfinished business....enjoy your week-end all! 😎
ReplyDeleteES daily : heads up - something to be managed regardless of the EW count is the new roll-over. Notice the roll-over symbol on the bottom of the chart for next week. And just look where the new (SEP) contract is trading.
ReplyDeletehttps://www.tradingview.com/x/K3mhmaRT/
Once again, these 30 - 60 point premiums are ridiculous.
TJ
Absurd!!!
DeleteI see a making of expanding diagonal in cash with 5 in works at close
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ