The market keeps overlapping in its upward progress. So far, the futures are shy of C = A.
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| ES Futures - 2 HR - Nearing C = A |
On this two-hour chart, besides the numerous overlaps, there are also divergences noted besides the sheer 'choppiness' of the waves. Further, the C wave is growing even 'longer-in-time' than the A wave. As far as I can tell, wave ((5)) would invalidate beyond 2,902.
On the daily chart, the slow stochastics are still embedded - as they were yesterday. And the upper daily Bollinger Band is above the market (not in contact with price at this time). Lower low days are still required for confirmation of any price movement lower.
Have a good start to the evening.
TraderJoe
Fascinating to see the swift return of bullish frothiness, along with some specimens once again at ATHs. Nice to see...!
ReplyDeleteWhy is (2) drawn there with a truncation?
ReplyDeleteAlso I noticed (2) is shorter in time than (4). Checked on Finviz chart
hello joe sir please update your gold count thank you.
ReplyDeleteES 2846 is all I am willing to give this diagonal. Any more upside would not look good on the EWO and the time length of 5 would exceed 3.
ReplyDeleteGood morning all. With ES prices below 2,752.50 (according to this site), there is now a new daily lower low.
ReplyDeletehttps://invst.ly/qgeu8
TJ
Instead of A-B-C, why not 1-2, and i-ii?
DeleteC is 'longer-in-time' than A; as I stated previously. Thus, IF C were to be a 'smaller degree' i, it would be taking more time than what you claim is the larger degree 1. That would seem to be a clear degree violation. Plus, the timing on the diagonal has worked in a rather remarkable manner.
DeleteI cannot say I know what the rules are for 1-2, i-ii, but I personally would expect wave i to take less time than wave 1, and wave i should not be a leading diagonal.
DeleteYep! Signature completion for an ED!
DeleteI'm actually in the A-B-C camp, although my alternative count is we're in an impulse 3rd wave which should keep going and going and going. Just wanted to see what the rules said on that possibility. Thanks for the answer on that. BTW I would have i at your point 3 (circle,) and a-b-c ii since that completed this morning. If that more bullish count is correct, then big up move coming as the NASDAQ wins it death cross battle near 8400. If the more bearish count is correct, then, well, down we go. So answer should be obvious in the next day or so.
DeleteA potential island reversal on S&P 500 cash 60 minute chart?:https://invst.ly/qgfe7
ReplyDeleteLate last year potential island reversals failed, but this is a different year. I agree with you.
DeleteYes indeed! And island reversals were not the only bearish signals. Bearish engulfing candles, spinning tops, shooting stars were all violently negated any any trader attempting to enter short on them metcilessly punished. The times, they are a'changing...!
DeleteThere can be a "three-of-three" on a divergence. Let's see, therefore, if a proper fourth wave forms.
ReplyDeletehttps://invst.ly/qgfr-
One problem is there are not 120 candles on the chart because of the time frames allowed on this site. Also, there is a rather large triangle in the middle of three, again.
TJ
TJ, Could (3) have ended at the start of that large triangle at the middle of (3)? and now from there wave a up for a triangle for wave (4)? Of course triangle needs to prove itself.
DeleteSo, the parameters could be considered to be met now, with channel contact, and trading above the EMA-34, and the EWO near-enough to the zero line. But, it needs to hold about here.
ReplyDeletehttps://invst.ly/qghl2
TJ
Thanks TJ. Perfect textbook call! A simple ZZ for wave ((4)) looks too obvious. I would not be surprised if time is wasted in a triangle or other complex correction.
DeleteHello sir I used to follow you on youtube but since 2017 you had stopped uploading videos please update your gold count long and short term thank you sir.
ReplyDeleteThere appears to be a diagonal here. Taking out 2,775 would confirm the diagonal was over, but is it ending (as is most common) or leading - which is a bit more rare?
ReplyDeletehttps://invst.ly/qgixt
TJ
..there is 2,774; the diagonal is definitely over - but could still point in either direction with the odds slanted a little in favor of the down side.
DeleteThis is an another early reminder to again watch around 15:50 ET when the Interactive Brokers clients must provide full-margin or the company will close their positions. We have seen swings of 15 - 35 pts in ONE minute when that occurs.
ReplyDelete..there it is, only about 10-points today .. 2,780 t0 2,770 in about a minute.
DeleteA new post is started for the next day.
ReplyDelete