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| ES E-Mini S&P500 Index Futures - Daily - Lower Low |
Prices initially broke the rising wedge line on the cash market we showed over the weekend, and then bounced, as above, off of the blue dashed line representing prior highs, lows and closes.
The daily slow stochastic indicator (shown) turned lower but not decisively. Because there was a near perfect double-bottom on both the DJIA and the S&P, it is possible a flat correction has started. This is a very suspicious pattern because we can currently count ways to make a new high, and ways to make new daily lows.
All-in-all, the 2,765 was not take out lower today, and that still remains a key level.
Have a good start to the evening,
TraderJoe
Thanks Joe - it's a "hurry up and wait" market lol
ReplyDeleteIn 2016 we had a few weeks of sideways movement. Still above alligator teeth.
DeleteSPX closed marginally (1 pt) below its 18 sma today.
ReplyDelete- RUT and NYA already below 18 sma
- NDX still above
Has anyone been successful at identify an impulse on any of the indices or futures using the 8FoldMethod? The decline since the last week high looks like an impulse to the eye but does not confirm to the 8FoldMethod. Here is my best shot at the S&P500 and I can already poke holes, wave ii of 1 is longer in time than wave 2, alternation isn't present, and wave 5 finishes above the top channel.
ReplyDeleteSome of the above can be explained by lack of volatility in the futures market at night time, but I'm not sure if that's allowed. I failed miserably trying to do this on the SPX, DJI etc. What I believe to be wave 2 is the size of a pimple causing the channels to be steep.
10 Min Chart (178bars): https://imgur.com/2PsT8kK
1 Hr Zoom Out: https://imgur.com/ykbxiq8
Appreciate all of your thoughts and attempts to poke holes at it.
-TJ
The charts reflect ES Futures
Deletelooking around the web and EW service, it seems like everyone and their moms primary count is similar to the charts I posted above. Hmmm, likely means it's not gonna stick.
ReplyDeleteEven more interested there's a viable alternate out there within the rules followed here. Joe did say there's a count which doesn't preclude a higher high.
It 'appears' the FLAT correction I wrote about yesterday is underway. It can take more time for a longer fourth wave for alternation, and then a fifth wave, is the most usual scenario.
ReplyDeletehttps://invst.ly/adr1l
TJ
The expanded flat stopped at the .618 level. Looks textbook to me.
Deleteseems like a wave 1 down not a fourth wave. futures counted as impulse at high. wait and see.
Delete50% retrace of entire up move from yesterday low
DeleteLooking at the Dow Jone daily chart and starting from the February 25th high to present: looks like a possible triangle has formed - just needs validated.
ReplyDeletehi joe
ReplyDeletewe are in what phase ???
we hear everything right now
new top or big drop?
A new post has been started for the next day.
ReplyDelete