The triangle count in the ES daily futures hung on by a thread, as in the daily futures chart, below. This is the lead month contract only. The roll-over contract can count the same.
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| ES Futures - Daily - Triangle Continuation |
Price closed back above the 18-day SMA, switching the daily bias back to 'up'. The daily slow stochastic is not yet over-sold. There is already upward overlap on the downward (e) wave, if that's what it is. The exact equal bottoms in the (e) wave - at 7,473.00 - are a real feat of financial engineering by someone.
If the down wave was not the (e) wave, it is possible for it to be another x wave of the (d) wave. But, by the rules, it would be the last potential x wave in the (d) wave series. Then the (d) wave could head for the highs again.
Stay calm flexible and patient while this resolves. Have an excellent start to the evening.
TraderJoe
Thanks Tj. Quite confusing x or e.
ReplyDeleteAlso, 4hr macd is still down. From your earlier text "Note, the MACD is curled over on the 4-Hr. There is a 'way' we could have topped". What is this "way" ?
did you even read yesterday's post? TJ.
DeleteES/SPY (CFD) 2 Hr - with the advent of the second higher high this morning there is the possibility/probability of this diagonal.
ReplyDeletehttps://www.tradingview.com/x/Z7A7XOvt/
TJ