As far as I can tell using the 1-Hr ES/SPY (CFD) or the ES alone, which has a delay here, the five-wave structure of the likely a wave from the 4-hr chart in the previous post is now emergent. The chart uses 120 candles. It's a crawler. But it works.
The fourth wave, 4, is between 38% and 50%, with no overlap, so there is no reason to think of any non-impulsive structure. Notice the third wave, 3, "turns-to-the-left" and goes above the channel as I have indicated it should do in true impulse wave structure.
Regular readers of this blog should now explore the channel shown previously on the 4-hr chart. The 'a' wave can have a bit further to go.
Have an excellent rest of the day. I will add the reminder that Nvidia reports after the close.
TraderJoe
From: Matthew H
ReplyDeleteTo: me
·
Wed, Aug 27 at 3:32 PM
Message Body
I follow your blog daily and wanted to let you know I appreciate your work and patience. Incredibly thorough. Thank you!
For some reason, I can’t seem to add comments, but no worries.
Just want you to know I am a fan!
I added your comment manually, and thanks for saying. To add comments you need a google i.d.
Delete"what access is required to comment on a blogspot post
To comment on a blogspot post, you need to be signed in to your Google Account. You cannot manage comments if you posted anonymously. Blogger uses third-party cookies to allow comments from your Google Account. If third-party cookies are disabled on your browser, you may not be able to comment on blog posts while signed in. You can still comment anonymously or with a name and URL. "
TJ
NVDA:
ReplyDeleteEarnings per share: $1.05 adjusted vs. $1.01 estimated
Revenue: $46.74 billion vs. $46.06 billion estimated
TJ
SPY (cash) 5-min: as far as I can tell, the 'a' wave up ended this morning after the triangle shown.
ReplyDeletehttps://www.tradingview.com/x/L4ehjekd/
The down wave is one of the longer ones. Watch carefully for 'b' wave formation.
TJ
Thanks ET.
ReplyDeleteWe are in a market where there is a lot of liquidity, where the one-day options market prevails, where options represent 70% of the volume traded per day and forces the market maker to make many hedging movements in short-term futures and all of this seems to me to complicate the waves counting and requires a great deal of patience that only you ET have.
Experts in the options market say that 6500-6550 is a great resistance zone. It is almost there. Let's see if this A ends once and for all and a cleaner wave is drawn that clears the way.
6500, but looks like gold is about to explode up
ReplyDeleteYep!
DeleteJust on the phone, but the gold daily looks like a barrier triangle.
DeleteHere is the idea.
Deletehttps://imgur.com/XVa4vxa
...and could extend.
Thank you for contributing. In GOLD, just remember the opposite of a triangle is likely a Flat wave should the triangle not work out. TJ.
DeleteSPY 15-min: nothing has changed from yesterday's call that the 'a' wave up had completed after the triangle. We are now likely making the 'b' wave of the larger (y) wave.
ReplyDeletehttps://www.tradingview.com/x/AJq3cHjI/
TJ
A new post is started for the next day.
ReplyDeleteTJ