So far, we have a clean higher high in the market. It could even become cleaner by trading slightly higher in the overnight. This could be the (z) wave in the triple zigzag which would still be part of the minute ((b)) wave higher. For questions on the daily count, please see the second chart in yesterday's post.
 |
| ES Futures - 2 Hr - Triangle Confirmed |
IF the 'c' wave finishes upward, then it could finish as an expanding ending diagonal, itself. That chart is shown below.
 |
| ES Futures - 5 Min - Ending Expanding Diagonal? |
If tomorrow does finish as an ending expanding diagonal, then remember, the beginning of the diagonal must be exceeded lower in less time than the diagonal took to build.
Have a very good start to the evening.
TraderJoe
ES futures ..we 'are' getting the higher highs in the after-hours.
ReplyDeleteKeep an eye out for overlap on blue 'a' within ((5)).
Deletehttps://invst.ly/q-w0m
The current price and time relationships, both, are correct for an expanding ending diagonal. Again, it would be 'c' of (z) if it occurs properly.
TJ
Was missing throw-over...now fixed...!
ReplyDeleteHow about this ?
ReplyDeletehttps://www.tradingview.com/x/XGXYzOwF/
..no; please see the cash market problem, below @ 13:11 PM ET.
DeleteHi TJ
ReplyDeleteNew screening procedure for the comments approved.
COntinue with format of 2 charts: one short term and one a medium term with the medium term replaced by the longer term one that starts March 23.
I have stopped by subscription to EWI: TJ 1 EWI 0.
I pulled my pulled out my Frost & Prechter EWP book and looked for that formation WXYXZ and found it on page 52. Wrote an annotation "TJ: wave Z have tendency to fail".
With all this upward market action I have moments of doubt in the count but now that I have the book open, all these zz and diagonals and triangles are in the chapter of Corrective waves...
I used to mostly know the impulse waves but with your superior ability to find triangles/diagonals/ and educate us on them, I've learned a lot! And yes, yesterday's triangle wave 4 entered the territory of wave 1 as I learned recently.
Do you have an email address where I could make comments like these directly to you?
I'm on your mailing list if you want to send me one.
Lucky Luc Thanks!
Ascending triangle in the overnight with the spikes up to 3096 being the B and D waves? as B wave of 5 up?
ReplyDeleteHi TJ,
ReplyDeleteyour second chart is almost identical to Frost & Prechter EWP Figure 1-19 on p38: DJIA in Feb 1980 peaked at 910 at wave c and then quickly dropped (faster than it took to create triangle) below wave 1.
Also learned as you have been showing that waves 1-3-5 are composed of a-b-cs when inside a triangle (actually all waves are a-b-c). More learning!
Hi ET, in your ES futures chart above, is there a limit to how high this potential wave 5 of 'c' could go and still remain a valid count?
ReplyDeleteFor those who think the 4-hr ES futures is in a diagonal, I offer this refutation in the cash market.
ReplyDeletehttps://www.tradingview.com/x/CjE91hrt/
The downward wave of the triangle is longer than what could possibly be a second wave.
TJ
..that breaks the EW 'rules'.
DeleteI'm in agreement here. With sentiment unbelievably bullish, this feels incredibly toppy. We're at a precipice.
ReplyDeleteUsing the (wxyxz) chart, Im coming up with (z) right around (w) x .382 currently.
ReplyDeleteAgree strongly - best count now. First eclipse in final hour of trading Friday.
ReplyDeleteA new post is started for the next day.
ReplyDelete