Some of us were discussing a potential triangle today, as a way to lengthen the correction. There is a 'potential' running triangle as shown below. It would be a "running triangle" because its (b) wave is higher than its a wave. But, in the cash market, its (e) wave must cross down over its a wave to be corrective to it.
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| S&P500 Cash Index - 15 Minutes - Possible Triangle |
This might be a way for the entire upward correction to become 'longer in time' than the three downward waves. But first, the potential triangle must complete properly in every detail. The opposite of a triangle (alternate) is currently an expanded diagonal downward.
After the cash close the futures did give up considerable ground going into the settlement, so we'll see how it goes.
Have a good start to your evening.
TraderJoe
thanks joe,
ReplyDeletewhen you wrote "This might be a way for the entire upward correction " are you referring to last 2 days or since December low?
..just of the last two days.
DeleteHi Joe, thanks for your work. Some trader recently told me there are Bots that are programmed to trade counter waves i.e. buy or sell against the counts. I do not understand the logic of that but do you think it has any effects on EW community as such Bots seem to take advantage of gaining on someone elses pain?
ReplyDeleteHey Joe, looking at the ES this evening makes me think that the potential running triangle is out for tomorrow. Thanks for all the great analysis... Brett Walker
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