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| ES Futures - 4 Hr - Whip |
The Elliott Wave Oscillator (EWO) could still do with some further downward movement to get closer to the +10% to -40% range of the prior peak. And price in a fourth wave would be expected to challenge the lower channel line, but has not done so, yet. There are 116 candles on the chart - narrowing in on the recommended 120 to 160.
Have an excellent start to the evening.
TraderJoe
TJ... This question may have been asked before, however, it is bothering me in relationship to time. How can (2) of i/a be longer in time than ii/b. Does this time relationship between degrees not exist if in a leading diagonal? Or am I missing something thanks.
ReplyDeleteTjchuck .. you are 'counting waves backwards in time'; and that is not how the market made the degrees you are referring to.
DeleteJoe, Thanks... I know you said "counting the waves backwards in time" to someone else need to look at that and restudy... Thanks.
DeleteI wish I had a better technucal understanding of how and why these round numbers are so important ( I do have some suspucions), but you can guess what I did when the bulls lost the 3200 dust-up into the close...!
ReplyDeleteLooking forward to next update as we approach 3100, which zi thought would happen quickly...
There was no magic to 3,200 because price got up to 3,230; and so it was off by 30 points. On the down side there was no magic to 3,100 either, as price is now at 3,040. The "round number" scheme is something you can invent in your head if you wish. The market is not paying attention to it.
DeleteNot only in my head T.J, in my trading accounts as well the "scheme" has worked very well indeed! :)
DeleteIs there such a thing in EWT as a LEADING contracting diagonal?
ReplyDeleteYes. Leading contacting and expanding, ending contracting. The controversial one is ending expanding.
Deletedidn't I show one as the wave i / a on the above 4 hr chart? Why the confusion?
DeleteI must have missed it...you did!
DeleteMy uncertainty also stemmed from comment from an "expert" that no such EW pattern exists. Fancy that!
DeleteThis doesnt look like 4
ReplyDeleteES (SEP) daily .. price hits the 18-day SMA. Slow stochastic has lost its embedded status- at least for now.
ReplyDeleteES EWO now at -40.5 points, less than -40% of the previous high (95), and Es is overlaping the "a" wave
ReplyDeleteRUT has overlapped its 4/29 peak.
ReplyDeleteHow are you counting this ET? From the March low, it looks like 5 up, 3 down, 3 up?
ReplyDeleteA new post is started for the next day.
ReplyDelete