Between yesterday and today, Jul 9th and 10th, we could count five-waves-up in an impulse to the local higher high today as shown as the right-most c wave on the SPY one-hour chart, below.
Green volume appears to be declining as bulls lose some interest at the highs. Red volume is picking up but nothing to write home about yet. The volume profile on the left of the chart shows the point of control (orange line) for this particular up wave being located within the gap in the triangle. This is a level to keep an eye on.
From the left the first a wave up is an impulse, then a b wave triangle followed by a thrust from the triangle for the first c wave. The next a wave up is an expanding diagonal, followed by a brief and sharp b wave down. The diagonal is then followed by the impulse up of the last two days for the c wave and good alternation in a corrective wave.
I haven't done much intraday posting as few seem interested. Have an excellent start to the evening,
TraderJoe
Mark me down as one of the regulars who prefers the higher timeframe charts/counts, not the intraday ones. I prefer "bigger picture" counts.
ReplyDeleteUnderstood. I try to do some of that on the weekends. TJ.
DeleteI have found counting shorter time frames quite a challenge of late as price has remained in over-night territory with some persistence.
DeleteES/SPY (CFD) 5-min: this is 'why' one counts shorter time frames if they can. Fifty (50+) ES points since the close. I was counting out the small fourth-wave triangle (4) in real time in the after-hours; for fun.
ReplyDeletehttps://www.tradingview.com/x/orpJaeR5/
TJ
"blanket tariff" news .. apparently. TJ.
DeleteSPY Cash 1-Hr: after a slump yesterday, green volume is coming alive again.
ReplyDeletehttps://www.tradingview.com/x/TkBeZso3/
TJ
Lol! The BTFDippers are as enthusiastic as I have ever seen them. I smell a possible truncation from Mr. Market.
DeleteSPY 1-Hr: into the cash close there is a possibility of only a 'b' wave up, with the 'c' wave down due overnight Sun-Mon before a further rally.
ReplyDeletehttps://www.tradingview.com/x/pAY6zybn/
Interestingly, the volume point-of-control for this wave moved up out of the gap more towards the highs as the bull volume initially moved prices higher but not impulsively.
Still, we are dealing with a diagonal here, and they are notoriously tricky. The smaller (c) wave of today's larger b wave can 'also be' a diagonal - perhaps an ending one, at least temporarily.
TJ
A new post is started for the next day.
ReplyDeleteTraderJoe