Tuesday, July 16, 2019

Three Waves Down

From the weekend video, we said sudden set-backs could be expected at any time. Today resulted in only three waves down.

SPY - 15 Min - Three Waves Down

Yesterday, we counted out a potential diagonal lower in real time. Today, that diagonal was confirmed as a leading diagonal. Absent more information we have three waves down from the high, down to a c = 1.618 x a, and then an upward overlap.

As a result more information is still needed. If it's a complete correction it seems very short in time. Three waves could also go on to form a triangle or a diagonal. As a result more waves are needed for the market to show us what it might have in mind.

Have a good evening.
TraderJoe
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20 comments:

  1. TachyonJuly 16, 2019 at 6:25 PM

    Oh good!
    I thought when you said we had a new low in ES you were implying an impulse down as I also counted only three waves....Whew! :)

    ReplyDelete
  2. Elliott_TraderJuly 17, 2019 at 9:50 AM

    New lower low on SP500 cash this morning probably still c / iii.

    ReplyDelete
  3. Elliott_TraderJuly 17, 2019 at 11:10 AM

    As best I can tell, still in five of (likely) iii to 2.618.

    ReplyDelete
  4. Elliott_TraderJuly 17, 2019 at 2:34 PM

    A 2.618 wave from the truncation high (*), as previously posted.

    https://invst.ly/bakcp

    TJ

    ReplyDelete
    Replies
    1. Elliott_TraderJuly 17, 2019 at 3:05 PM

      ES ..there's the new low, and now under the identified fourth wave on the wave up.

      Delete
    2. Elliott_TraderJuly 17, 2019 at 3:08 PM

      i.e. now under ((4)) circle-4 on this chart.

      https://invst.ly/b9lrv

      TJ

      Delete
    3. KSJuly 17, 2019 at 3:32 PM

      Thanks

      Delete
    4. TachyonJuly 17, 2019 at 4:46 PM

      Yep!

      Delete
    5. KSJuly 17, 2019 at 4:57 PM

      TJ, looking at your 30 minuts chart of ES, is there any reason why the move from a-b of 4 (non over lapping flat) can't be a diagonal to complete the 5 waves at 3003?

      Delete
    6. Elliott_TraderJuly 17, 2019 at 5:07 PM

      @KS .. none that I can see, I was just working on a few degree labeling issues that might support that case.

      Delete
    7. KSJuly 17, 2019 at 5:21 PM

      @TJ, does this not work? check link - https://imgur.com/uMsJK7Y

      Delete
    8. Elliott_TraderJuly 17, 2019 at 5:59 PM

      @KS absolutely not..because green ii, which you are claiming is smaller degree, is LARGER than 2, which that chart claims is of larger degree.

      Delete
    9. Elliott_TraderJuly 17, 2019 at 6:01 PM

      @KS .. also see next day's post.

      Delete
  5. KevinJuly 17, 2019 at 5:10 PM

    5 waves down are either impulsive bear moves, or bullish wave Cs that soon leads to a resumption of the rally. Which is this?

    ReplyDelete
    Replies
    1. Elliott_TraderJuly 17, 2019 at 6:00 PM

      There should be a good 62% - 78% retrace within the next couple of days, and then the market will tell us.

      Delete
  6. Elliott_TraderJuly 17, 2019 at 5:57 PM

    A new post has been started for the next day.

    ReplyDelete

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