Thursday, November 14, 2019

Pattern Looks Good

U.S. Debt Clock: $23.04 Trillion; prev $23.02
ES Daily Candle: Higher High, Higher Low, Higher Close: Trend Day
Market Posture: Neutral-to-negative and Probing
Daily Swing Line: Higher (Higher High, Higher Low)
Daily Bias: Up (Settle Above 18-day SMA)

The proposed triangle looked to have improved it's form. It seems pretty recognizable.

S&P500 Cash Index - Hourly - Triangle

Toward the end of the session it's possible price began to probe outside of the triangle. With tomorrow being a Friday, movement up and out of the pattern might be expected.

Have a great start to the evening.
TraderJoe
Posted by at

26 comments:

  1. Tom ENovember 14, 2019 at 4:31 PM

    Thanks Joe. It looks like the triangle target aligns well with your 1.27x target published last week.

    ReplyDelete
  2. TachyonNovember 14, 2019 at 8:27 PM

    ES confirming...

    ReplyDelete
  3. Elliott_TraderNovember 15, 2019 at 9:36 AM

    Here is the thrust out of the triangle, or a portion of it. If this is wave iii in the cash, then watch for a iv, and v.

    https://invst.ly/onult

    TJ

    ReplyDelete
  4. TachyonNovember 15, 2019 at 10:14 AM

    Yep!

    ReplyDelete
  5. DrewNovember 15, 2019 at 10:21 AM

    Is this going to end up being a gigantic buy the rumor (all 50 of them), sell the news.

    ReplyDelete
  6. Steven MNovember 15, 2019 at 12:39 PM

    What's the chance that this is 1 of (v)?

    ReplyDelete
  7. TachyonNovember 15, 2019 at 1:03 PM

    An extended fifth would be quite unusual in such a protracted triangle I think. Looks like the four of five is taking its sweet time....

    ReplyDelete
  8. MisuNovember 15, 2019 at 1:17 PM

    3116 was low of (v666,7 + 30)*2. Major figure.

    ReplyDelete
  9. TachyonNovember 15, 2019 at 1:19 PM

    If we are done today, that gap from this morning's gonna get filled...if we don't fill it, perhaps next week...

    ReplyDelete
  10. Steven MNovember 15, 2019 at 1:28 PM

    Given the environment, I would not be surprised at all if (v) turns into an ED if we need to extend in time and negative headlines are avoided.

    ReplyDelete
  11. TachyonNovember 15, 2019 at 1:37 PM

    I read somewhere about wave personalities that EW triangle and ED patterns show up when an impending trend change is facing staunch resistance...

    ReplyDelete
    Replies
    1. Steven MNovember 15, 2019 at 1:51 PM

      I'd say that billions in fed injections, exuberance, trade war hope, and "all time highs" would fit the bill as "staunch resistance" to a trend change!

      Delete
    2. TachyonNovember 15, 2019 at 2:22 PM

      Indeed!

      Delete
  12. TachyonNovember 15, 2019 at 2:22 PM

    Fifth up...

    ReplyDelete
  13. Roy C.November 15, 2019 at 4:05 PM

    Quite a fever at the end today. Looks like SPX completed a 4th wave flat to go with the wave 2 ZZ, finishing with a blow off top.

    ReplyDelete
  14. Tom ENovember 15, 2019 at 4:36 PM

    The SPX gap up today is either an exhaustion gap or a measuring gap. If the market does not turn down on Monday, this trend could have more than 100 points more to the upside. IMO.

    ReplyDelete
    Replies
    1. Elliott_TraderNovember 15, 2019 at 7:34 PM

      Market could 'stall' on Monday and do a Tuesday reversal?

      Delete
    2. Tom ENovember 15, 2019 at 9:23 PM

      Sure. Market could open a bit higher Monday, but by the end of the day, i would expect the close to go down to or below the open. The stall could even extend into Tuesday, setting up a 3 day island reversal. Just my opinion.

      Delete
  15. BBRiderNovember 15, 2019 at 5:45 PM

    https://www.zerohedge.com/markets/vix-futures-hit-new-record-short-massive-short-squeeze-coming

    ReplyDelete
    Replies
    1. TachyonNovember 16, 2019 at 9:21 AM

      The predicate of an imminent short squeeze is beyond ludicrous. The most casual glance at the facts, including money flows AND the short volatility trade makes it abundantly clear that there are few short sellers in the market. Total propaganda imho...

      Delete
    2. BBRiderNovember 16, 2019 at 10:20 AM

      Not sure I understand. Information shows net short position of that group at record short.

      Delete
  16. domNovember 16, 2019 at 3:03 AM

    hi joe
    it goes up higher and higher
    is your goal still 3118 or 3187?
    you are sure that we are finished wave B or it is the continuation of the wave
    thank you joe good week end

    ReplyDelete
  17. domNovember 16, 2019 at 3:06 AM

    Vague V

    ReplyDelete
    Replies
    1. Elliott_TraderNovember 16, 2019 at 2:10 PM

      I added a chart as a P.S. to the next day's post, which may help you with the timing of the wave count. It is the count within wave (v).

      Delete
  18. Tahmere HarrisDecember 17, 2019 at 1:53 AM

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    The 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

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