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| ES Futures - Daily - Overlap of Minor A |
The cash S&P500 and SPY did not overlap by the time their sessions started. Once the cash market opened prices began a steady rise that 'can' now be counted in five waves higher. The chart of that rise is shown below.
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| ES Futures - 5 Minutes - Intraday Wave |
The intraday wave has definitely qualified to have 'five-waves-up', including a third wave which is more than a 1.618 extension. I do have a question as to whether the wave is finished or is forming an overnight running triangle (on the eve of Chair Powell presenting testimony to Congress tomorrow). This might allow a larger wave iv in time to touch the right hand channel boundary.
So, the key question is very, very simple - please don't miss the simplicity of it: Will the entire wave be retraced or not? If the whole wave is retraced, then downside counts will immediately need to be looked at. If the whole wave is not retraced, then this wave could be the first wave of a five-wave "C" wave higher. I have no preference which occurs. I'll be watching the key locations intently.
Have a good start to the evening,
TraderJoe
Dow cash .618
ReplyDeleteMarket beginning to look dangerous,as a big top is forming. Is Korea the black swan?
there's a whole gaggle of swans out there
DeleteLooks Toppy as Amazon has a i,ii,iii,iv and 5 down and then a complex corrective wave for a wave 2....should finish today,I believe. Not for advice on AMZN
ReplyDeletehttps://i.postimg.cc/d1FKhHcx/2020-06-16-0949.png
With a "looks like" caveat, from 11th low, it "looks like" it could count 3,3,5 exp flat. Fwiw.
ReplyDeleteThis is a difficult intraday signature to deal with. For the barrier triangle, needs to get above the ((D)) wave.
ReplyDeletehttps://invst.ly/r5ga6
TJ
..and if for some reason a triangle does not complete well, and the triangle breaks down, then perhaps the start of a diagonal lower.
Deleteprice has broken below triangle .. wave after triangle may be a failure, or this may be a flat wave, but it sure would be 'long in time' for for a flat.
DeleteIs this market manipulated or what....extremely weak hand distribution doesn't end well.
ReplyDeleteAround 11pm last night ES made a temporary high at 3113. It then declined for 5 hrs until 4am to 3080 for a drop of 33 pts. Thereafter it moved to the high of the day at 3156. Then followed a sharp drop of 93 pts to 3063. However the sharp drop only took 2 hrs. The sharp drop was much larger in pts but much shorter in time. This points to the possibility of the decline from the high of the day as not having completed as yet due to the degree related fact that it should be longer in time (as well as points). The caveats are either the sharp drop was a c wave as part of (yet another) expanded flat with the high of the day the b wave or (less likely) a triangle is taking shape.
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