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| ES E-Mini S&P500 Index 4-hr Rising Impulse Wedge |
We were expecting a fourth wave in the sharp class (or triangle), and that is apparently what we have gotten. Prices closed up +2.50 in the futures, but the volume was terribly low (only about 842 MM contracts) which compares to volume around the New Year's Holiday, not typical trading at all. NYSE stock exchange volume has dropped to 2.77 Bil, much lower than the 4 - 4.5 Bil which reflect more usual levels.
On a different topic, the U.S. Dollar Index (DX) this morning did hit that 1.618 Fibonacci level, at 94.800, and bounced off of it. It's worth watching to see if we get that minute four correction.
Well, have a very good start to your evening.
TraderJoe
Thanks for all your work! As the 1st wave is extended, what is the max for the 5th wave?
ReplyDeleteDepends where fourth wave ends.
DeleteI'm now getting 100% x three at 2467 on two different degrees of waves. That should be the max for this wave.
DeleteSo far, 2467 has been the max ES as of noon today. If it is exceeded, I will reconfigure the up count in the SP500, to the diagonal count like the other indexes.
DeleteDo you have a alt count that would show market going up for several more days and perhaps weeks? Too many stocks are working to experience any kind of strong pullback.
ReplyDeleteI have stated many times in the video and in the blog, the alternate is A-B-C of a very large diagonal. But, there is no evidence for it yet in the form of downward overlap. But 1,2,3 is the same as A,B,C until it is not.
DeleteThanks Joe. From your experience is it usual for volume to be so low this time of year or could I suggest a large move is coming?
ReplyDeleteNot this low. Something is up.
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