Wednesday, January 15, 2020

Getting very Narrow

ES Futures - Daily - Wedging

Have a good start to your evening.
TraderJoe

22 comments:

  1. Financial stocks are breaking down.

    ReplyDelete
  2. ET, I wanted to clarify my statement last week. Sorry been busy and I also wanted time to review Constance Brown’s book “Technical Analysis for the Trading Professional”

    She uses smallest building blocks and than works upward to the longer trend. She also suggest not being accurate in the larger trend is fine because when you focus on the smallest trend you stay on the right side of the market. Adjustments can be made later.
    She explains Bob Prechter “starts with an extremely long horizon interpretation and then looks for substructure within progressively shorter time frames to complement his longer horizon view.”-page 284

    Glad to see the B wave triangle idea works. My daily chart with 5 waves is a bit different 1 is extended I just left out smaller waves. I’ll drop a link of my chart I noted iii of 3 and the composite indicator.

    https://www.tradingview.com/x/1hadF50E/

    ReplyDelete
    Replies
    1. Excellent work by Ms Brown Bill. TJ has however repeatedly asserted his work is not about actually trading but only counting the waves. Thanks for the insightful comments nonetheless!

      Delete
    2. I guess no one cares that the composite indicator peaked at ((d)), and higher than ((b)). Was that a 3, too? Whereas, the EWO diverged in the triangle. I don't use indicators that are too complex or hard to understand their behavior.

      Delete
    3. Alright Mr Bill. Looking forward to seeing your work.

      Delete
    4. This composite index has a lot of noise because the main source comes from a RSI of 3 closes. But if we adapt the same wave at a proper timeframe (SP cash 4 h chart, 146 bars), EWO also peeks at the same zone.

      Delete
    5. There is a dilemma: SP Cash do not touch 0-2 line, but ES did it. ES looks like it has the fourth already done, SP Cash not.

      Which index more reliable?

      Delete
    6. They are in different patterns. Really amazing how few have noticed. Market myopia...

      Delete
    7. Clear us you, with your clairvoyance, which are these different patterns at this same wave that we are talking about.

      Delete
    8. Why bother. Looking after a sizeable AUM requires more than just wave counting...but as you know, we are not talking trading here. Do your own due diligence...thank you!

      Delete
    9. @Tachyon your answer does not have any sense in this context. If you do not have nothing to say for contributing on this subject, please, stayed out.

      Neely wrote in M.E.W. that it is necessary to analyse elliott waves on the index cash and no on the futures, because out of time session, the futures sometimes exaggerates the movements because they are few participants . So here it appears the doubt: Is the 0-2 line rule is only valid for the cash index and not for the futures?. The bottom of that deep fourth wave crossed the 0-2 line but it was out of session hours.


      Delete
  3. i did try to point out yesterday about a running triangle and then a breakout in the morning with 1 and 2 completed and 3 underway at the end of the day

    ReplyDelete
    Replies
    1. Jack, could you post a graphic or give specific points for the pattern you are seeing? TIA.

      Delete
    2. Sure so Running triangle A was 3261 (spx500), then it was completed at 3280 (timed with the signing of china trade) thereafter a breakout which had 1 and 2 completed and 3 underway at the close yesterday resulting in agap up equivalent in cash for overnight for that 3 which is still working right now

      Delete
    3. this is what i believe the long term count is we are the 5th wave of 3 now. look at the perfect channel of 3 between second (1800)-fourth(2300), and first- third. We are about to hit that channel in about 20 points.. look for a pullback.https://www.tradingview.com/x/m4OFKOXo/

      Delete
    4. https://www.tradingview.com/x/m4OFKOXo/

      Delete
    5. the about chart gives a perfect AO confirmation around 2900 -highest at 3 of 3 of 3 and at that point it briefly breaks the channel around and then comes back).

      Delete
  4. Maybe CED is extending and this is 3 of that CED?

    ReplyDelete
  5. A new post is started for the next day.

    ReplyDelete