Market Indexes: Major U.S. Equity Indexes were higher
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
Nothing has changed, invalidated or is out of limits as of this writing. Here is the latest on the NQ futures. Wave (5) is becoming quite parallel to wave (3), often the target for a fifth wave. In the chart below, wave (3) is slightly longer than wave (1).
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| Daily NQ Futures |
The Russell 2000 may have expanded the (d) leg of it's triangle today. It did not go over the top. Regardless, the blue arrow at the end of the chart points up and not down.
The ES futures volume is again getting quite light - today at only 1.0 MM contracts - which is more reminiscent of holiday trading.
Have a very good start to your evening.
TraderJoe
What will be alternate count if the limits are violated this week ?
ReplyDeleteI believe the limits for minute wave 3 were exceeded today (2695.87 in the futures)
ReplyDeleteDifficult to count such a vertical rise. Possible this is a series of extended 5th from 2083?
ReplyDeleteJoe, going back to the 2/11/16 low, are you counting the rally as an expanding diagonal, or have to decided that it's an impulse? Thanks.
ReplyDeleteJoe, just wanted you to know. I used you for single stock analysis severals years back (PCLN) and it hit your long term target several months back. That kind of analysis and confirmation is what really got me interested in EW. I read every article you post. Thx
ReplyDelete