The market drew these trend lines in the cash S&P500 2-day chart. They are three-touch trend lines. I am just acknowledging them as best I can. Included is an overlap.
If the pattern plays out, confirmation will still be needed. At the moment, trading is awful. Every wave is throwing shade (meaning typical lengths are not being made). Perhaps that will right itself, eventually.
Have an excellent rest of the evening,
TraderJoe
SPX500 (CFD) 2-min: there is now a higher local high on this chart - and likely an 'internal' fifth wave in progress.
ReplyDeletehttps://www.tradingview.com/x/xBQ0jZda/
TJ
SPX500 (CFD) Daily - touches underside of 18-day SMA and retreats from it a bit.
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TJ
New high for the move off the Sep 2 low. Wave iii action?
ReplyDeleteMost of 'a' of ((5)) now done? ((5)) a 5-3-5? 'a' maybe done at 7800, 200 points. 'c' from 7700 to 7900-8000. Maybe an AI throwover? Maybe not.
ReplyDelete((1)) took ~44 days; ((3)) took ~14 days. Suggests that ((5)) could be short, the wedge is contracting. One third of 44 = 14+; 1/3 of 15 = 5. So far, 2 days gone.
FOMC: 9/15-16. I doubt they will cut rates. If they do, the bond market vigilantes will chime in. 7 trading days left until 9/15, likely a zombie day.
Or maybe the model is wrong.
Until overlap I'm still counting like this; note wave ii greater than prior ④ from a degree labeling perspective, so, it is likely a larger degree. Then, iii is on a max of the MACD.
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Also, there's some decline in the after-hours, which could make a large expanding flat wave for alternation.
TJ
..also, then v should remain shorter than iii in price length. TJ.
DeleteMan, I don't know if I'll ever get the short wave counts right. I like your count.
DeleteI had i where you have 3 of i; I had ii where you have 4 of i; I had iii where you have it; and iv this afternoon on into the overnight. Your channels are helpful. Your count suggests 1 > 3 >5 just like the sequence in the big wedge for C.
So is this all of ((5)) or just a of an a-b-c ? I don't think we have used up enough time yet for a full ((5)).
A new post is started for the next day.
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