ES Daily Candle: Lower High, Higher Low, Higher Close: Inside Day
Market Posture: Neutral-to-negative and Probing
Daily Swing Line: Mixed
Daily Bias: Up (Settle Above 18-day SMA)
From the ES hourly chart, below, the length of time of the up wave, today became longer than the length of time of the entire down wave. That likely means that the two waves are of the "same degree" and may create the situation where another triangle can form.
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| ES Futures - 1 Hr - Up Wave Longer in Time |
The count is very choppy in both directions, and next week we will likely be in low volume holiday markets.
If we do get a triangle, it would likely be a fourth wave prior to a fifth wave up for the Minor A, B, C alternate for Intermediate (B).
Have a good start to the weekend.
TraderJoe
UPS timing chart update. Blue boxes indicate complete impulses
ReplyDeletehttps://ibb.co/bJRkKmj
Looks like the Sep high was b of 4 and not 5. Still, it gave us the plunge into Oct.
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DeleteIn my opinion, it is way too early to think about a triangle here, (b) has not even retraced 0.62 of (a). Also, with the triangle last week and "x" being a triangle, a double zigzag here would mix it up. The point retrace of (a) seems small and extending it with a (c) down here looks equally possible to me.
ReplyDeleteHard yet to make a diagonal out of cash.
DeleteLooks like a completed descending wedge to me. A break downward next week or to the upside ought to clear up the direction.
ReplyDeleteTJ - an observation:
ReplyDeleteIt appears that regardless of whether (B) is an ABC or WXY, the "C" leg or "Y" leg will likely fall within a range of "A" x .382, .618 or "W" x .382, .618. Would this then be deemed to be a truncated zigzag (Neely)? If so, would this suggest that the ABC or WXY is a leg of a larger triangle? (assuming I read this correctly).
Thanks!
That condition has already occurred. After the May high, and the June low the next up wave to the end of July was less than 62%. Most analysts think these waves were included a triangle; and now the thrust out of the triangle.
DeleteThanks for the reply. I dont think I conveyed exactly what Im wondering. Let me take another shot:
DeleteIf (B) is itself a truncated zz (suggesting a leg of a larger triangle), then could we see a (C),(D),(E) yet to come, with a thrust from it to follow?
Thanks again.
Good reason to keep an eye on Sunday night futures. I am getting mixed messages. China shouts at the U.S. during the G-20, on Saturday, but apparently has asked the U.S. negotiators back to the talks on Friday. It could also just be 'posturing', but we'll see.
ReplyDeleteChina attacks U.S. at G20 as the world’s biggest source of instability
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If Sunday futures violates certain levels lower, then either a diagonal in the futures is continuing lower, or we might have a truncation in cash and futures. Very, very difficult to assess without more price information.
TJ
Record short VIX. A whopping -220000 contracts
ReplyDeletehttps://ibb.co/vX1KYPJ
Amazing. A perfect set-up for Volocaust II. I think we have some unfinished business from Jan 2018.
DeleteI like it!
DeleteThanks. See the next day's post, after 5 PM E-T on Saturday.
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
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