Wednesday, June 10, 2020

FED Day - No Help

In today's whippy action created by the Federal Reserve Statement and Press Conference (I didn't watch - let me guess, "more free money"?) nothing was resolved in the wave count.

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

18 comments:

  1. Joe, is there a source for the degree rules or are they your own invention? I wish to study them all at once if possible, do you know where i can find then, or have you written a summary somewhere?

    I have a specific question on the rule that a primary wave should not be shorter than an intermediate wave. In the case of an expnaded flat, the intermediate wave will most often equal the entire primary length in price. In that case, why should it be necessary for the next primary to be longer, as in that special case, you are really comparing primary to primary, no? It seems theoretically that ought to be an exception?

    ReplyDelete
  2. 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.

    ReplyDelete
    Replies
    1. Tjchuck .. you are 'counting waves backwards in time'; and that is not how the market made the degrees you are referring to.

      Delete
    2. Joe, Thanks... I know you said "counting the waves backwards in time" to someone else need to look at that and restudy... Thanks.

      Delete
  3. I 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...!
    Looking forward to next update as we approach 3100, which zi thought would happen quickly...

    ReplyDelete
    Replies
    1. 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.

      Delete
    2. Not only in my head T.J, in my trading accounts as well the "scheme" has worked very well indeed! :)

      Delete
  4. Is there such a thing in EWT as a LEADING contracting diagonal?

    ReplyDelete
    Replies
    1. Yes. Leading contacting and expanding, ending contracting. The controversial one is ending expanding.

      Delete
    2. didn't I show one as the wave i / a on the above 4 hr chart? Why the confusion?

      Delete
    3. I must have missed it...you did!

      Delete
    4. My uncertainty also stemmed from comment from an "expert" that no such EW pattern exists. Fancy that!

      Delete
  5. ES (SEP) daily .. price hits the 18-day SMA. Slow stochastic has lost its embedded status- at least for now.

    ReplyDelete
  6. ES EWO now at -40.5 points, less than -40% of the previous high (95), and Es is overlaping the "a" wave

    ReplyDelete
  7. RUT has overlapped its 4/29 peak.

    ReplyDelete
  8. How are you counting this ET? From the March low, it looks like 5 up, 3 down, 3 up?

    ReplyDelete
  9. A new post is started for the next day.

    ReplyDelete