Wednesday, February 5, 2020

Possible E-D for ES Futures

Based on this morning's up move, so far, I can't help but wonder if the Ending Diagonal pattern I envisioned in the Daily Projection chart, isn't arriving just a bit early as in the wave count below.

ES Futures - Daily - Is Ending Diagonal in Progress?

The Fibonacci ruler shown shows that as a sub-wave, wave minuet (i) is smaller by more than 10 points of minute ((a)). Yes, wave (ii) is larger than ((b)), but it is not larger than minute ((e)). This might be allowed.

Obviously, another pattern that visually would work here would be a triangle. And I don't see anything to necessarily preclude a triangle here. The large daily gaps tend to indicate that a triangle or diagonal is in progress.

Regardless, keep a eye peeled on this pattern at the right-hand side of the chart. We'll try to refine it as we go along.

Have a good start to the day.
TraderJoe
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25 comments:

  1. sammyFebruary 5, 2020 at 9:49 AM

    https://i.imgur.com/7rwCrSr.png

    New ATH NYAD Cum.....Neg Div RSI

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  2. Elliott_TraderFebruary 5, 2020 at 11:50 AM

    In SPY, 5-min, Let's see if we can get a downward 'base channel' that holds. If not, some kind of larger triangle.

    https://invst.ly/prhui

    TJ

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  3. sammyFebruary 5, 2020 at 11:56 AM

    👍

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  4. JoeMFebruary 5, 2020 at 12:04 PM

    Assuming that was wave 4 from Jan 27 for MSFT and probably the same for TSLA, market still has more upside.

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    Replies
    1. JoeMFebruary 5, 2020 at 12:06 PM

      SPX is probably still in 3 from Jan 31

      Delete
    2. JoeMFebruary 5, 2020 at 2:36 PM

      The second drop in TSLA went all the way to the 61.8% retrace of the whole move from Jan 27, so should be a larger degree turn than 4.

      Delete
    3. Elliott_TraderFebruary 5, 2020 at 5:57 PM

      This is all I see in TSLA at the moment, using the principles of degree labeling.

      https://invst.ly/prmtf

      TJ

      Delete
  5. Elliott_TraderFebruary 5, 2020 at 3:13 PM

    Now possibly a FLAT wave for the B wave down. Watch for a break of the little up channel with the wave on a divergence.

    https://invst.ly/prkqz

    TJ

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  6. CFebruary 5, 2020 at 3:16 PM

    VIX sell signal still working in this market. Closed below BB on Mon, then closed lower than Mon yest.

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  7. JCFebruary 5, 2020 at 3:41 PM

    Just for kicks, Daily TSLA back inside the bb. https://invst.ly/prl1o

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  8. Elliott_TraderFebruary 5, 2020 at 4:07 PM

    Here's the end of the cash session. Not out of the smaller channel yet.

    https://invst.ly/prlcc

    TJ

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  9. JoeMFebruary 5, 2020 at 5:03 PM

    ET, this is a great time to look at TSLA - you should do a count in coming days please.

    From late Nov, I have 2 ending Dec 31, 4 ending Jan 27, 5 probably ended yesterday. The EWO peaked right at the end, much higher than wave 3. The first decline from the top retraced 38% from late Nov.

    I think it would now be in ((4)) from last June, where ((2)) ended in august. The move down from yesterday is (a) down of ABC or perhaps more likely triangle.

    How's my Elliott? Appreciate other views on TSLA at this time.

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    Replies
    1. JoeMFebruary 5, 2020 at 5:14 PM

      It could also possibly have been sub wave a of (a) down. A 38% retrace of ((3)) would be around 670, the 23% around 785, and the low today was 704.

      Delete
    2. JoeMFebruary 5, 2020 at 5:26 PM

      Lastly, it is unlikely but possible that there is still a 5 from Jan 27 to finish it.

      Delete
    3. Elliott_TraderFebruary 5, 2020 at 5:57 PM

      This is all I see in TSLA at the moment, using the principles of degree labeling.

      https://invst.ly/prmtf

      TJ

      Delete
    4. JoeMFebruary 5, 2020 at 6:27 PM

      Could you break down your (C)? I was thinking that 3 of that (C) is what just ended.

      Delete
    5. Elliott_TraderFebruary 5, 2020 at 7:45 PM

      Again, using Fibonacci and the principles of degree labeling, this is all I see on the daily: an extended fifth wave.

      https://invst.ly/prntu

      TJ

      Delete
    6. Elliott_TraderFebruary 5, 2020 at 7:56 PM

      ..and I would just add that the move down is larger than any previous correction, so 'the degree has likely turned'.

      Delete
    7. JoeMFebruary 5, 2020 at 9:33 PM

      Interesting. I had 2 at the lower low a month earlier, with a lower degree 2 at your 2 and same lower degree 3-4-5 to complete 3.

      How did you get the 2 at that spot?

      If I understand your count, I would think that everything 400+ here would be a spike on future long term charts.

      Delete
    8. Elliott_TraderFebruary 5, 2020 at 10:00 PM

      ..wave 3 is always above a line from 0 to 2. No part of wave 3 is cut off by a line from 0 to 2.

      Delete
  10. ToddFebruary 5, 2020 at 5:58 PM

    There was some selling in some top leaders today:
    MSFT
    V
    MA
    BABA
    GOOGL
    LULU
    ADBE
    CRM
    RNG
    TSLA
    INMD
    PCTY
    PAYC
    NOW
    GRN




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  11. JoeMFebruary 5, 2020 at 9:44 PM

    SPX - December 2018 - now looks very similar to March 2009 - late 2013

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  12. KrasiFebruary 6, 2020 at 2:03 AM

    NDX - https://invst.ly/prrr9
    SPX - https://invst.ly/prrta
    DJI - https://invst.ly/prrud

    all this at week 40 for the 40 week cycle high with RSI divergence on the daily and weekly charts. It smells like a top:)

    ReplyDelete
  13. Elliott_TraderFebruary 6, 2020 at 8:31 AM

    There is a new post for the next day.

    ReplyDelete

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