And the (c) wave is still smaller in price points than the (a) wave, as below. In a "turn-around-Tuesday", after this morning's false break-out, there was an impulsive wave down.
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| ES E-Mini S&P Futures - Hourly - Three Waves Up |
The impulse wave down clearly broke the lower channel boundary any way you draw it, and broke both of the prior wave four lows, with the Elliott Wave Oscillator heading into negative territory. If the count holds it would be possible to revisit the end of May lows. A re-test of the underside of the channel line would not be out of character.
Have a good start to the evening.
TraderJoe
move looks eerily similar to move off Christmas low
ReplyDeleteET, is there a time guideline to correct 5 waves up over 9.5 years? If, for example, SPX dropped 1000 from here (not hypothetical, just to illustrate), say by end of year - would that be sufficient to be A-B-C of same degree and correct the whole move in 15 months? Is there a need or a guidance toward more complex pattern or requiring more time? Thanks
ReplyDelete0-2 trendline a bit off for impulse down - also needs acceleration
ReplyDeleteSP500 cash 15-min; new low of morning.
ReplyDeleteCash gap upcoming at 2,873.34
DeleteEt, Any problem with an idea of being in c of d on gold weekly?
ReplyDelete@BBR .. I'm really sorry, but I am getting conflicting historical pictures on GOLD right now. My broker's chart says we have not yet gone over the previous high. But, TradingView and others say we have.
DeleteThx for respinse.
DeleteMay I ask what your price chart looks like? Link, possible?
DeleteLots of overlaps, in SP500 cash; possibility of a b:3 wave especially if price gets above 2,883.
ReplyDeletehttps://invst.ly/a-vyt
TJ
TJ -
DeleteAt the risk of asking a dumb question, should the A3 and B3 on the chart read A2 B2 and loooking for C2 to finish wave 2 retrace? But you wouldn't make a simple mistake like that so I'm guessing there's more to it.
Thanks
A:3 means 'three waves up to A', instead of five which implies a 'flat'. You'll note prices did break the low today. So. I meant what I said.
DeleteA correction related question.. Is there a guideline when A=C or A=1.62C in a correction? thanks
ReplyDeleteThe longer C waves, or longer A waves and short C waves, usually occur in diagonals and triangles.
DeleteTJ, long term count question, is there a scenario in which the December low could be counted as the end of 4th wave, making the impulsive rally since then part of a 5th wave up?
ReplyDelete