The ES daily futures got within 90% of the prior high, qualifying for the 'b' wave of a Flat, or the next impulse, higher.
The upward wave 'currently' counts best as a double zigzag. That could change. But the wave is high enough to wonder a little bit about a truncation.
One might want to keep an ear out for the news over the long weekend.
Have a good one.
TraderJoe
It's a positive development that MSFT, GOOG, META, NFLX, AMZN and others keep trending lower while the market made a small new high. Very similar to March 2000. That event started a minor 83% correction in the QQQ.
ReplyDeleteThe market only rallied to fill the down gaps on the SPX, QQQ, and SMH. This was an important day.
DeleteYes indeed! There is no no overhead "unfinished business". Was hoping to see an outside day, but who knows, a truncation entirely possible. Remember the ones who gave their "last full measure of devotion" for their country.
DeleteFutures were down a lot after trump's post they are up with new high. Gap up coming on Sunday evening unless some new news to put a damper
ReplyDeleteLol! Considering his penchant for telling falsehoods, why would any intelligent observer place credence, much less take action based on anything the man's says? More likely his asinine lying pronouncements nothing more than a cover for liquidity infusions and an attempt to influence sentiment. Hehe!
DeleteIt's only a 60-day ceasefire deal. Iran will stop collecting tolls during this time. This is not some major deal.
DeleteNaaah...!!! Iran and Oman have created a "Strait Authority" and will control passage through Hormuz with an Iron Fist. NO WAY they surrender this new-found source of easy revenue (thanks to Trump!). He is already lowering expectations in another hilarious TACO display. Hard to believe anyone takes anything he says seriously.
DeleteNQ eyeballing 30k level and looking for an excuse to get there.
ReplyDeleteES daily - there is a new all-time high, validating the alternate, above. TJ.
ReplyDeleteSo far 5 still smaller than 3 but getting close...! 😉
DeleteThanks Tj. Bang on.
Deletehttps://studyofcycles.blogspot.com/2026/05/for-first-time.html?m=1
Also sharing bookmark of your chart
https://www.tradingview.com/x/D1B3LfNo/
https://studyofcycles.blogspot.com/2024/12/unparalleled-100-year-fractal-catalog.html?m=1
DeleteOne has to wonder if that NDX chart is hinting at some seismic news event. A new twist on the long-standing debate regarding EW and news! There is no shortage of geo-political scenarios. POTUS' incessant bleating about an 'almost done" Iran deal certainly means we can reasonably conclude, based on his track record, his assertion has little or nothing to do with the real situation. The deranged leaders of Europe seem to think they can use the Baltic States to execute direct attacks on the Russian homeland and do so with impunity. They seem to have forgotten the National DNA of a country that lost 30 million men defending their country during WW II. There WILL be a Russian response...count on it! (EW pun intended).
Delete
ReplyDeleteIt is still quite a bit aways but there is an important level coming up at 7620. Jives with the 5th wave mentioned. Though it is not set in stone..
ES Chart - 7620
line in the sand for now.
As expected, kinetic action resumes in the Persian Gulf...
DeleteThe most severe market crashes in history occurred under GOP presidents. That’s a historical fact. It might happen to coincide with long-term market cycles. Go back to the Hoover tariffs and look at what happened to the markets. Trump never studied history. So, I would expect a similar Hoover crash outcome.
ReplyDeleteIf it is best counted as a double ZZ why is it labeled as an impulse?
ReplyDeleteYour question is answered on the next day's post, which is now up.
DeleteTJ
A new post is started for the next day.
ReplyDeleteTJ