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| S&P500 Cash Index - 15-Minutes - Two Sets of Threes |
Of course the 'threes' could start a diagonal to the down side. If so, there would be a gap down tomorrow. But, we don't know for sure that the second three to the upside is finished yet. I have to keep it simple until we see which way the gaps go.
Have a good start to your evening.
TraderJoe
ET in yesterday's post, ((ii)) in leading diagonal is longer than 2 in both time and price. Is that a degree violation ?
ReplyDeleteNo.
DeleteJoe, im trying to figure out the rules. So for example,
Deleteif we change contracting to expanding
and move diagonal to fifth wave,
can then the diagonal contains subwaves larger than those in the impulse?
https://imgur.com/a/SSTro6Z
Maybe because the leading diagonal was the extended wave ((ii)) is allowed to be the biggest wave?
DeleteJoe - While we wait for the mess in equities to clear out, can you provide another POV on Gold? The preferred count you posted the last time morphed into a structure which looks like a perfect ABC from the bottom (Aug 2018) with C=A, then another leg up which is exactly 1.618%. Struggling to apply the 8 fold method on this rounded bottom structure. Thanks in advance.
ReplyDelete-TJ
This is all I see on the daily in Gold. With 116 candles on the chart, it should be allowed to see if it can make a non-overlapping fourth wave, per The Eight Fold Path Method. If the fourth wave overlaps, the clear alternate is indicated.
Deletehttps://invst.ly/9veuu
The EWO is headed for a fourth wave signature - unless it busts. If it all busts as A-B-C then it is part of a larger weekly triangle.
Hope it helps.
TJ
Joe, why is it not valid that i ended 3:00 pm on the 22nd and we are in c of an expanded flat to ii?
ReplyDeleteNow that price has fallen out of the 15-min channel; and overlapped the first wave up, how hard do you want to press that case?
DeleteThe up wave since the last lower low - c - has more bars in it than the down from b; so a degree change is probable.
ReplyDeletefailed flat for 2
ReplyDeleteI know it's different counts on different indices but maybe DJI cash is doing a triangle from 24750 high
ReplyDeletedegree change
ReplyDeleteOne other possibility i'm looking at is the hourly expanded diagonal C wave Joe showed in yesterdays post is not finished maybe iv finished yesterday and v still to come
ReplyDeleteBecause of wave overlap, this is all I have so far. Wave count very much up for grabs. Only with a higher high 'could' an ending diagonal overall C wave of a FLAT be considered. We are not there yet.
ReplyDeletehttps://invst.ly/9vhqs
TJ
Closing in on 62% retrace of entire up move.
Deletecan b wave of zigzag be triangle?
ReplyDeleteof course; why not?
Deletejust checking
ReplyDeleteI do see this 'potential' expanding triangle in the 15-minute futures. I thought of it when price stopped at 62%. But it would have to be proven by price crossing over the top again.
Deletehttps://invst.ly/9vjj5
And 'usually', not always, the waves in an expanding triangle, well.. expand in time too.
TJ
a done, larger b has triangle as (b) with (c) to come ? patience
ReplyDeletejoe if we take out yesterdays low i am considering a failed flat with a failed fifth to kick off (3) down. possible or break every rule in the book?
ReplyDeletealso do you want me to post neely charts of different time frames
ReplyDeleteWhen EWT is murky, sometimes traditional technical analysis can help to clarify the picture. Currently on a daily chart all of the major indexes "appear" to be forming bull flags. Notice I say "appear" not are. If so, that would buoy the case for a further upward movement. In addition all of the indexes have been using the 8 day EMA as support for some 13 trading days now. The 8 period EMA is usually a reliable support/resistance gauge of the short term trend.
ReplyDeleteLook back to October 3rd to 9th, then 10th and 11th.
ReplyDeleteAny similarities?
No, the 8 day EMA was broken to the downside on Oct 4 and then it began to act as resistance instead of support. We are currently above the 8 day EMA acting as support,so not similar at all.
DeleteHeh, you'll see otherwise tomorrow.
DeleteEasy there. I'm not making any predictions, merely observing the technical state of things. If we go down and break the 8 EMA the down it is probably. I'm just pointing out there is a good technical foundation for further up to happen.
DeleteWe're cool.
DeleteThe wave count is currently still "up for grabs". Here is a potential cash triangle. But then (e) 'must' cross down over the 'a' wave.
ReplyDeletehttps://invst.ly/9vk9w
The opposite of this count is an expanding diagonal downward from the high. Two entirely and equally valid alternates.
TJ
Potential cash triangle still maintained into the close.
DeleteHere's the close.
Deletehttps://invst.ly/9vklj
TJ
Up wave already "longer in time" than entire down 'a' wave. Especially if it finishes after a triangle, it might need to also correct the 'c' wave down portion, too.
ReplyDeleteA new post has been started for the next day.
ReplyDelete