A lot of blog readers and commenters have been suggesting this was a 'C' wave up to a terminal count. Yes, that is still possible. I noted that count with the red ALT:B many, many days ago at this LINK.
But, if it was, today should have been a relatively easy to count, 'crash day' downwards. But, is that what happened? It is true the NQ futures did make an outside reversal day down. But, it's daily slow stochastic is still embedded. The ES futures did not reverse - and just kept an inside day, and the Dow closed positive on the day. None of the other daily slow stochastic indicators has dropped below the 80 level from what I can see.
Was there price movement lower? Yes. But, now it is really a question of whether we go over the top again or not. The best case I can make for a lower count is this one - a leading expanding diagonal in the ES 15-minute futures.
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| ES Futures - 15 Minutes - 'Potential' L-D |
But, this is only a 'potential' pattern. Is is not even completed and could likely need another wave lower to be longer in time and price than wave ((3)). That is not in evidence yet. So, we 'must' carry an ALT: iv at today's low.
As I pointed out in the prior post's comments, blue .b is shorter in price and time than the gray a wave, and is therefore a valid sub-wave.
As I pointed out in the prior post's comments, blue .b is shorter in price and time than the gray a wave, and is therefore a valid sub-wave.
Have a good start to the evening.
TraderJoe
A certain "well-known" and "large" Elliott Wave firm put a "big 'ole ((2))" at the top yesterday. They're not wrong yet, but it certainly didn't have the points one would expect in a big down move today.
ReplyDeleteAs the NASDAQ reached a new ATH yesterday, how does that count sync up with your ES count? It can't be in a 2nd wave. B leg of FLAT correction?
ReplyDeleteNFP numbers are insane. How can consensus have been that wrong. Did everyone go back to work for one hour in the survey week?
ReplyDelete