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.
DeleteI missed it otherwise I try to thank whenever I read your blog.
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
https://www.tradingview.com/x/4hCXKTB5/
ReplyDeleteReminder: after the close a slew of earnings, including TSLA, GOOG, IBM, TXN, CSX, etc.
ReplyDeleteTJ
So, this is getting a little looney; they don't even know if the earnings 'compare' to the estimates.
ReplyDeleteGoogle parent Alphabet
reported fiscal second-quarter results on Wednesday. Here are the numbers.
Earnings per share: $9.11
Revenue: $119.80 billion vs $116.93 billion expected by LSEG
It was unclear if the earnings per share were comparable to the $2.89 expected by LSEG.
TJ
$2.87 was reported by CNBC, as 'expected'. C'mon folks. This is getting tiring. TJ.
DeleteIt's those young kids trying to run things.
DeleteBeing in the trades, I can promise with certainty, its the young kids trying to run things.
DeleteTesla
ReplyDeletereported earnings after the bell. Here’s how the company did, compared with estimates from analysts polled by LSEG:
Here’s how the company did compared to Wall Street expectations, according to estimates from analysts polled by LSEG
Earnings per share: 33 cents adjusted vs. 51 cents expected
Revenue: $28.24 billion vs. $25.71 billion expected
Per CNBC
TJ
ES/SPY (CFD) 30-min: from the intraday wave-counting-screen. Here's the earnings' bar.
ReplyDeletehttps://www.tradingview.com/x/AFUnfEKe/
TJ
Seems like we are.gpimg down
ReplyDeleteLooks like we might have just completed a leading contracting diagonal to kick off the higher degree triangle in GOLD.
ReplyDeleteSomehow it just doesn't have it's spice without a weekly chart.
DeleteES 1-hr: the low of the diagonal was exceeded lower in 'less time' than it took to build. The diagonal was ending. Also, 8 Jul low also just exceeded lower. TJ.
ReplyDeleteES/SPY (CFD) 30-min: here's the count I currently see. We have broken a 'Kennedy channel' or 'base channel' lower. But a fourth and fifth wave are needed to claim an impulse.
ReplyDeletehttps://www.tradingview.com/x/DXuP9wRk/
TJ
SPY (cash) 10-min: looks like we're getting a lower low, so probably into 5 down.
ReplyDeletehttps://www.tradingview.com/x/WbtlCGUC/
TJ
So far bounced of the lower trend line of triangle in cash
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ