When I needed my clothes cleaned because I got them muddy as a young kid, I would ask my mom to wash them. Apparently, when something is muddy in the Midwest (particularly 'round Ohio, Indiana and Illinois) you ask to have them warshed - well you say it that way. The wave counts are currently a bit muddy, maybe the meeting tomorrow can help make them cleaner again. The hourly ES futures are below.
It looks like - at the moment - there are three waves down from the high, but they currently count best as two zigzags, starting with the diagonal "a" wave we pointed out yesterday from the high.
Of interest, the second wave down is 1.618 x the first. And price got under a prior overnight low. I'll be a good boy and not suggest that it means that upside & higher all-time highs can't happen. I won't suggest that maybe the ES & SP500 will truncate. I did not say that. You did not hear that. Being over 78% it could still be the fifth wave. With an FOMC meeting tomorrow a lot could happen. And much could happen over-night. I would keep my eye on that overlap warning level, and on the 18-day SMA which price is still above.
Today was an inside day. A day of rest. Have a good start to the evening,
TraderJoe
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ReplyDeleteReminder: FOMC decision at the top of the next hour. TJ.
ReplyDeleteES futures 30-min: from the intraday wave-trading screen. 1) whippy, 2) there 'was' overlap in the futures (shown), but not the CFD (not shown), 3) 'currently' the trend lines are converging, but that could change, they could expand or break down or up. Both currently 'roughly' 78%.
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TJ
ES 60-min: a legal triple zigzag or expanding diagonal has been formed.
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TJ
"Warsh it "is totally correct. Not able to understand what he is upto?
DeleteJust checking in to see if anyone else spotted a potential bearish leading diagonal triangle in the S&P 500 Cash Index, from the all time high?
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@manu ... he's establishing himself as 'the new sheriff in town' by providing new rules for the jail. TJ.
Delete:) Trump being his commander-in-chief.
DeleteES futures 30-min: FOMC announcement low exceeded lower; b wave of flat or next impulse. Tread lightly.
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TJ.
ES futures 4-hr: gap fill and overlap warning.
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TJ
Tj need your experties. The middle wave here is the shorted the only way i cant read it is B as down of flat or triangle. Whats your take.
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Shortest
Delete1) I don't do SPX because it's not tradeable. Use SPY, SPX500 or ES. Also, different chart services handle the last 15 differently - plotting it as a stutter or a doji bar, every time. 2) In the SPY below, it is basically the same. 3) How many times do I have to tell people here to 'always' plot with the EWO/AO. It will answer a lot of questions for you - and save me work & breath. 4) the ruler and the EWO currently count it like this.
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TJ
Thanks this helps
DeleteA new post is started for the next day.
ReplyDeleteTJ