ES Daily Candle: Lower High, Higher Low, Lower Close: Inside Day
Market Posture: Neutral-to-negative and Probing
Daily Swing Line: Mixed
Daily Bias: Up (Settle Above 18-day SMA)
ES futures prices traded somewhat lower overnight, then higher, and then and somewhat lower during the day and the regular market session. Comments were included on yesterday's post as to what the local count might be.
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| ES Futures - Daily - Loss of Embedded Status |
So far, on the the daily chart, the slow stochastic has lost its embedded status. The only way it can get it back is to close above 80 tomorrow and tomorrow only. If it does not get it back and remains un-embedded, then it is 'likely' price and the 18-day SMA will come together.
From the local count, it is very possible - even likely - to get a gap up tomorrow. If that happens, the question is how far does it carry, and does that measurement better fit with a downward expanding diagonal or a larger triangle that could point upward? So, we will have patience. (The local count from the end of the day can be found at this LINK.)
If, instead, there is a large gap down tomorrow, it might represent a significant failure move. And so, in addition to patience we need to be flexible, calm and attentive to the overnight markets for perhaps several sessions yet.
Have a good start to your evening.
TraderJoe
Having trouble counting this, but it sure doesn't look bullish...
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
DeleteLooks like C wave truncation and yet another nested 1,2 count...
ReplyDeleteOr perhaps an ED for C...?
ReplyDeleteGravestone doji on 30 min....
ReplyDeleteMy eye says this sure looks like it is ready for a wave 3/C down. Very flag-y looking. Is there any way that measures correctly or its just deceiving looking? Is there any possibility that the initial down waves off the top were large-overthrow leading diagonals to the downside and we have been correcting in a wave 2/B since?
ReplyDeleteI think TJ's expanding diagonal count down is still in play. The wave ((4)) is just more complex than most expect. My guess is that the "b" wave got more complex, ending at today's low, and the "c" wave may have just completed.
DeleteI can buy that. And I'm measuring that if it is to touch the lower rail of the leading expanding diagonal, then we are looking at ~3% decline through next week towards the lower daily BB. BUT if I'm not mistaken, that 5th wave down could really go whatever distance it likes including truncate?
DeleteSteven, I agree. Probable truncation is a good point to be aware of.
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