ES Daily Candle: Higher High, Higher Low, Higher Close: Trend Candle
Market Posture: Negative
Daily Swing Line: Higher
Daily Bias: Up (Settle Above 18-day SMA)
Resistance: Upper Daily Bollinger Band
Friday was a doji day, requiring a daily confirming candle lower. That did not occur. That is just an excellent example of why the one-day candle patterns require confirmation. Sunday night was yet another gap up in the futures. They tend not to last as long as the gaps in cash.
Today, there is no clear sign of a downward wave in progress. Big up Monday's sometimes lead to Tuesday reversals. If a Tuesday reversal occurs, then the overall up pattern from the three waves down probably can be counted as a single zigzag with a 1.618 c wave, as follows.
 |
| ES Futures - 2 Hour - Zigzag (b)? |
From a degree perspective the ((x)) wave up is not longer than the a wave, and may therefore be a sub-wave. What is concerning from the standpoint of regular impulse labeling is the lack of depth to the b wave - when compared to where the a wave ended. Further, the waves are still in a rather regular channel - which is often the hallmark of corrective waves. The length of this (b) wave - at this location - would be about 150% of the (a) wave. This is still within (b) wave guidelines.
Have a good start to the evening.
TraderJoe
All I know is this market isn't going to put in a long term high or medium term high tomorrow.
ReplyDeleteS&P500 cash made a new higher high, which can be all or part of a fifth wave. Let's see if a Tuesday reversal occurs.
ReplyDeleteS&P500 closed today's opening gap. Would have to close yesterday's opening gap as more sign of a reversal.
Deletethere are still 2 spammers posts in yesterday's blogpost.
ReplyDeletePlease delete... and even this post once done :)
Those spam posts contain the name of a family member, someone I have been estranged from for two years. They got in touch at the weekend, asking to meet, I declined. Last night I had a pleasant dream about this person, and today I see the spam post with the same name. The estrangement was due to my becoming a Christian.
DeleteSummary: the spam comments (first here I believe) were a sign to me from God to meet the person. I swear to God every word I wrote is true. Thought it worth sharing, as there's more to life to money and markets.
Here are some recent fractals for reference only.
ReplyDeletehttps://invst.ly/p4ups
TJ
Citigroup ED from Dec 3? Check it out..
ReplyDeleteES 15-min has added two more closer in fractals.
ReplyDeletehttps://invst.ly/p4x9u
TJ
Price movement is so narrow, hard to tell if this is a triangle or not.
Deletehttps://invst.ly/p4xnp
TJ
Broke the first red fractal back; triangle breaking down.
DeleteES-15 min now broke second red fractal back.
DeleteA new post has been started for the next day.
ReplyDeleteI'm happy to share my experience so far in trading binary options.
ReplyDeleteI have been losing and finding it difficult to make profit in trading for long until i meet [Robert Seaman] who help me and gave me the right strategy and winning signals to trade and also i was able to get all my lost fund back from greedy brokers through Him. now i can make a profit of 12000USD weekly through his amazing masterclass strategy feel free to email him on: Robertseaman939@gmail.com or WhatsApp: +44 7466 770724