Today, we were able to count five-waves-up. The question is whether it is part of another channel or not, because there was only minor divergence on the RSI. Here is the chart of the ES/SPY (CFD) 30-minute.
If the channel does not hold up, then it might be possible to see today's high as part of another three-wave move.
One note of caution: the December roll-over contract is currently trading +50 points higher than the September is. Have an excellent rest of the evening,
TraderJoe
ES/SPY (CFD) 30-min: the CFD nicked over the high. ES futures went to +90% before retreating some.
ReplyDeletehttps://www.tradingview.com/x/PmGg5gM2/
TJ
Now the ES has the new high, too. TJ.
DeleteJust fyi -
ReplyDeleteES/SPY (CFD) 30-min: currently at 5 = 1 and diverging.
https://www.tradingview.com/x/MCX6YpLM/
TJ
The 5 th doesn't look like 5 waves in any shape or form. So it could be a b wave up
ReplyDeleteUnless c is small compared to "a" for the 4th and ended higher
DeleteWhat instrument are you referring to? TJ
DeleteI guess Jack is referring to ES
DeleteYes
DeleteI have the same count in the ES 30-min, as in the CFD 30-min, with the exception the first high in the CFD over wave 3, did not go over the high in the ES.
Deletehttps://www.tradingview.com/x/lMGRPkJX/
I don't see what the objection is. I sometimes use the CFD because it is "real time" while the ES is delayed on this site.
None of this chart includes the new "roll-over" contract yet. And that is expected to be more than +50 to 60 on roll-over. That may change the picture Monday/Tuesday. But it didn't today.
TJ
Ok thanks
DeleteET - Can the intermediate pullbacks in wave (3) be longer than (2).
DeleteI did not count it that way as I thought it is causing degree violation.
@EDT .. please post a link to a chart and show me what you mean. But, in general, no. TJ.
DeleteET - Here is the link the declines I was referring to marked by the white lines.
DeleteThey seem to be longer than wave (2), which made me not consider that count.
https://www.tradingview.com/x/JtgvfCMq/
just a perspective. Not ew. https://www.youtube.com/watch?v=KDzJ4gbKoTk
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ