ES Daily Candle: Lower High, Lower Low, Higher Close: Yin-Yang Candle
Market Posture: Neutral-to-negative and Probing
Daily Swing Line: Higher (Higher High, Higher Low)
Daily Bias: Up (Settle Above 18-day SMA)
Today made a lower low day than yesterday, then struggled all day to try regain the high, but, as of the settlement still hadn't done it. All-in-all, prices have retraced about 62% from low to high. From what I can see, time has run out on a further minuet (b) wave upward, but downward acceleration is needed as better confirmation of the minuet (c) wave, downward, being in progress. Refer to yesterday's posted chart as needed. Might be good to watch the overnight futures tonight.
Today's downward move filled the last S&P500 cash gap, upward. It came close, but did not quite "fill" the futures gap - only tying the close of the close-to-open hourly gap.
Have a good start to the evening,
TraderJoe
Unless Im misinterpreting, I believe Neely states that a 5th wave failure (truncation) should result in the entire 5 wave impulse move being retraced. It would seem to suggest that the 5 waves up from Oct 31st should be retraced fully before a new high is made. Am I reading this correctly?
ReplyDeleteThanks
question is premature...
DeleteIt wasnt aimed specifically at this situation, but in general. I just used this situation as we had an assumed truncation. But forget this example, and view the question as it would apply to any truncated impulse move. With this in mind, what say ye?
DeleteThanks
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DeleteOver 3,079 (as per previous posts) a fifth wave is in progress. Minuet (b) is invalidated, and the fifth wave must be included in a larger structure. More later.
ReplyDeleteHere is the upward wave, so far. There is no alternation yet between waves. So, it needs to be monitored to see if this is a higher b wave or part of the third wave yet.
ReplyDeletehttps://invst.ly/ohh6t
TJ
..nearing upper daily Bollinger Band ..3,098
Delete"b" of assumed triangle in Gold has been exceeded. 75% of longest leg from "e" is just below around 1470+. Measured move around 1455.
ReplyDeleteStill no alternation; stay open minded for a diagonal. Most recent high would be ((3)).
ReplyDeletehttps://invst.ly/ohnqa
TJ
..wave ((4)) in a diagonal would need to hold 3,089 or else, the c wave of a flat for alternation.
Delete..cash has invalidated a potential diagonal and looks better as a higher 'b' wave for alternation.
Deletelast chance 4th wave, as w-x-y or possible triangle from the high
DeleteThanks for that update TJ.
ReplyDeleteGap providing support. Looks like one more upside ramp before we're done. The turn down should impulsively fill multiple open gaps...
ReplyDeleteWe could be in 2 of a large CED that started on 10/31 on ES.
ReplyDeleteI count 9 waves, no overlaps, up from the Oct 3 low to today's high. Today's pullback overlaps. For me this is a completed impulse. Not sure if wave 1 or 5 in the sequence is the extended wave.
ReplyDeletesee next day's post.
DeleteA new post has been started for the next day.
ReplyDeleteThe simple truth about binary options which many of us do not know is the fact that it is mainly based on predictions. Without proper knowledge of what next can happen to the stock market, you are sure to lose your funds. That is why it is important to be tutored or mentored by a professional investor in binary options. During my weeks of being mentored by Mrs Patricia Morgan, I’ve learnt much and also succeeding in trades and was able to recover my lost funds. Feel free to contact her on patriciamorgan984 @ gmail .com for positive results or contact her on Whats App on +32460230365
ReplyDelete