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| ES Futures - Daily - Upper BB Resistance |
Prices in the ES fell off to close lower. However, the daily Slow Stochastic embedded today. When price made it's intraday low today, it did not take out the low of the prior bar, so a full outside reversal day was not made.
As discussed in the comments for yesterday's chart, there are still ways to count upwards - as a potential triangle, and there are ways to count downward. Today was very whippy and we counted valid structures in both directions. They are not resolved yet. Bottom line: lower daily lows are needed to begin a downward count. And higher daily highs - without a full reversal candle would continue an upward count.
Again, a completed top can be counted. But, downside follow-through is needed for better confirmation.
Have a good start to the week.
TraderJoe
ET, Thanks for the video yesterday. Also for anyone just an FYI. Scribd has "The Price of Tomorrow: Why Deflation is the Key to an Abundant Future" By Jeff Booth
ReplyDeleteWelcome, Bill.
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ReplyDeleteThe 1 Hour diagonal looks more uniform on the EWO, still has a little wedge shape to it.
ReplyDeletehttps://imgur.com/KybbyPK
higher high for 5
DeleteCould we be in ED for 5? Wave iv would have just overlapped wave ii and wave v up is starting to a new high or truncate to end the entire move up.
DeleteGood morning all...three levels of downward overlap now on the ES. That is really not very bullish. The slightly larger diagonal could be completed.
ReplyDeletehttps://invst.ly/qfyv0
TJ
Looks much better. You had me really nervous there with that truncation...!
DeleteThe two-hour ES MACD and RSI are both throwing out divergences here. So let's see if a retrace of the high "sticks".
ReplyDeletehttps://invst.ly/qfyyr
TJ
Only possible downward count I can see is a diagonal (Dow & SPX). i, ii, iii done. Now in iv up. If iv moves above 23978/2837 diagonal is busted.
ReplyDelete2837 taken out. 23978 barely holding. Leaves a i, ii diagonal or new highs.
DeleteDow/SPX have moved above the 50% retrace level. Thzt's more than can be said for other bourses. Frankfurt 48%, Paris 40%, London 40% & Sydney 40%. As far time is concerned I have 22 days down and now 15 days up in New York. The other jurisdictions were all closed Easter Monday so only 14 days up.
DeleteLooks like one more wave up. The turn should be un-mistakable...
ReplyDelete??? why - you mean its going to be big? i think we have seen the 2 most unmistakable turns already for the year
ReplyDeleteThe move up off the March lows appears corrective. If true that makes it a B or second wave of high degree. Either a C or 3rd wave turn should be un-mistakable, just like the A or 1 down at this degree.
ReplyDeleteRemember what happened after the Christmas 2018 lows. If this is a B wave - like then - they can make new highs - like then - even if we have to endure a hellish bearish move after - like last March. Then we have the possibility the March crash was a correction ending Wave C of 4, with this rally the start of a fifth wave rally to complete the entire move of the 2009 lows. I guess a lot depends on what happens here. An acceleration of the rally would be third wave of a third wave of some kind (as part of wave 1 of 5?) to end the bear potential. If we rollover over, the bear potential lives to fight another day.
ReplyDeleteThis last wave up to a new higher high counts like a clean five. When it is done, there should "at least" be a three-wave sequence lower. If not the end of the diagonal.
ReplyDeletehttps://invst.ly/qg0j6
TJ
With you on that, looking for ending diagonal in 5th wave.
Deletehttps://imgur.com/73PEpJ3
Delete..last chance diagonal for a fifth wave 5-min diagonal of a fifth wave of an hourly minute ((c)) diagonal?
Deletehttps://invst.ly/qg0ob
TJ
...downward overlap on ((3)), up.
Delete..possible 5th wave failure out of triangle. Indicators seem to be rolling.
Deletehttps://invst.ly/qg159
TJ
Reminds me of late last year... Enough waves in place for a completed pattern and negative divergences on many indicators, yet the market keeps on going up.
ReplyDeleteDon't forget all the overlaps!
DeleteJust a reminder about the Interactive Brokers "full margin" requirement at 15:50 ET in about 3 - 4 min. Yesterday, was -25 pts in LESS than 1 min. Sometimes up. Sometimes down.
ReplyDelete..there it is .. 2849 to 2833 in LESS than a minute.
DeleteLarger wedge .. watch it closely.
ReplyDeletehttps://invst.ly/qg1j9
TJ
A new post is started for the next day.
ReplyDelete