Today in the ES futures was another inside day, still with the price bias up and the close over the 18-day SMA. The day opened on a gap up, chopped around for much of the day, tried to head higher towards the futures close but could not yet break out of the prior range. The daily chart is below.
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| ES Futures - Daily - Bias Up |
The daily slow stochastic is still embedded over the 80 level, and until its red line closes back under 79 it remains embedded.
The wave count remains intact, so far - as per the prior post. One can see that the nearby up (green) fractal might be the first to break higher. One can also see just how far back the market has placed the prior down (red) fractal - all the way back at the 200-day SMA.
The market feels somewhat shredded by or similarly ruled by the news cycle but so be it. Those are the market conditions at the moment, and they are what they are.
Have a good start to the evening,
TraderJoe
Thanks Tj. If today was March 2008 ( when was this established a very long-term timeframe bottom is in) then how should start counting to reach in 2026( also to understand when will be a very long-term timeframe high is reached-future years). I face problem with Ew counting is that is it counted post a rise or a fall which is ok but a longer timeframe things should be bit clear.
ReplyDeleteManu, this is all you need to know in the short run. The wave labels go back to 2008, and even further. Don't get confused. Keep it simple. The past simply does not matter to the present. Count locally.
Deletehttps://studyofcycles.blogspot.com/2026/01/fives-or-not.html
TJ
Thanks Tj. You are a true guide. I missed the post and the link provided https://www.neowave.com/tradingblog/blog.asp?bid=147.
DeleteEventhough you adore Neely but your 8 path fold EW does not truly align with him. Better than Neely.
ES/SPY (CFD) 30-min: currently and outside bar - watch to see if it closes lower.
ReplyDeletehttps://www.tradingview.com/x/PmHhiXzJ/
TJ
It did close lower. Watch to see if the intraday slow stochastic goes to embedded or not. Right now only 2 of 3 needed points over the 8o level for embedding. TJ.
DeleteSlow stochastic never embedded, and price went back to the 18-per intraday SMA. TJ.
Delete..and now back to 100-per SMA on the intraday-wave-counting screen.
Deletehttps://www.tradingview.com/x/6wTntyDC/
TJ
After one close outside the lower band, back up to the 18-per intraday.
ReplyDeletehttps://www.tradingview.com/x/OAtvqhwk/
TJ
Just to understand, is it possible as per post below that we were in a bear market from 2000-2026 with neutral and contracting tringle with 6400 points rise in these triangles? A 100 year bull market started in 2926. I am so confused. Why can't I see a contracting triangle contracting?
Deletehttps://www.neowave.com/tradingblog/blog.asp?bid=203
Not in ordinary Elliott Wave. TJ.
DeleteDoes in Eight fold path method it is possible?
DeleteNo. Please read The Eight Fold Method post.
DeleteA new post is started for the next day.
ReplyDeleteTJ