Friday, January 25, 2019

An Important Measurement

The Dow went over the high today. The S&P500 did not. However, the chart below shows a very important measurement for the cash S&P500 Index.

SP500 Cash Index - 15 Minutes - Reaches 90%

IF the prior high was the five waves of the minute ((a)) wave, up, counted out previously, then with three clear waves down to a:3 in this index, and three clear waves up to b:3 to just over the 90% level, then it is possible we are in the minute ((b)) wave down - but in the form of a Flat wave.

If so, it's possible the S&P500 will not go over the high, and will instead try a return trip to the low or beyond.

Just a thought for now, but an important measurement.

Have a good start to the evening.
TraderJoe


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8 comments:

  1. Walter KrajewskiJanuary 25, 2019 at 9:18 PM

    Thanks, Joe! I was actually going to comment today on whether this was a real possibility or not. Monday will be an important day

    ReplyDelete
  2. marcJanuary 25, 2019 at 10:06 PM

    thnks joe. i like that a lot. Its not easy to get permissible counts using what you have taught me. And they dont always "look" right. But you told me dont go by looks go by measurements. I was able to find a december bottom of higher degree using your method in real time well before "normal" EW could have reached conclusion.. Perhaps now it has found a completed move (a or 1) while "normal" EW is looking at the move from december low to high as incomplete. We will see. The real test will be next few months on a higher time frame with regards to October all time high. Thanks for everything.

    ReplyDelete
  3. domJanuary 26, 2019 at 1:19 AM

    hi joe thank you for the week.
    in daily chart what does it give?
    I find that every week is more and more complicated

    ReplyDelete
  4. BillyJanuary 26, 2019 at 8:55 AM

    Neat ET. Reviewed some more charts. NDX and RUT have the exact same set up. DOW went over the top but that could simply be a slightly expanded b wave. ET a primary reason I like this set up is because so few people would be able to identify it and follows the idea that the market will constantly fool the majority of traders. I'm thinking we get the i & ii of C on Monday with the market keeping its cards relatively close to its chest for as long as possible. Tuesday however should see the bulls really taken to the woodshed. A nasty week for the market overall.

    ReplyDelete
  5. Elliott_TraderJanuary 26, 2019 at 10:00 AM

    A new post has been started for the weekend.

    ReplyDelete

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