The expectations for a minute ((b)) wave up have been fulfilled. The (z) wave is now 0.618 x the (y) wave. Price today popped up over the wedge.
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| ES Futures - 4 Hr - Minute ((b))? |
Today had a small 'throw-over' of the wedge (or the half-parallel if you were following the previous description). All that remains is for price to trade back inside the wedge, and to break the lower wedge line.
The chart style was changed today only to move from the 2-hr to the 4-hr time frame, and to help apply the correct labels.
As discussed in the comments, this upward wave is not an ending diagonal in the S&P500 as it doesn't work in cash. What would be the fourth wave down in cash is too long: it is longer than what would be the second wave down, and that would break the 'rules'.
Let's see if the wedge plays out. Note where the 'e' wave of the triangle is. Trading below 'e' would also likely mean trading below the lower wedge line, and that might start the minute ((c)) wave downward.
Have a good start to your evening.
TraderJoe
I have today as an important Gann turn date.....plus we made the .786 retrace today.
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ReplyDeleteHi scotty .. please see this post in which I explain that 'all' posts must now receive review before publishing.
Deletehttp://studyofcycles.blogspot.com/2020/06/all-things-in-moderation.html
It is nothing personal, just a lot of flamers and spammers, you know? If you want to remove the A.A. comment that is just fine with me. And thank you for not reading every day .. sheesh.
TJ
Joe I like your approach not just in market but in dealing with people
DeleteI have c of (z) just a smidge beyond a x 2.00.
ReplyDeleteI do read almost everyday....i just don't comment unless I feel it's a higher degree of relevancy. Ganns work here would indicate today is very important.
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