What to do when not Counting Waves - 2

Here is the Intra-day screen which follows from the post below, at the time of the futures settlement. This follows from the post below - which was done before the cash market opened.

ES Futures - 30 Minutes - End Of Session

As you can see, after six consecutive candles upward, the odds were just too low of more consecutive candles closing outside of the Bollinger Bands. During two portions of the overnight session the slow stochastic was fully embedded. After candles started trading inside of  the bands, the intraday slow stochastic lost it's embedded status and towards the end of the session price and the 18-SMA tried to come together. On the daily chart, price broke through the upper daily band at 3,192 and settled below it at 3,187, with a half-hour left to the end of the electronic session yet.

Maybe this weekend there will be more.

>> This morning -

We had a similar set-up going into the overnight session last night. (Refer to this POST for more detail.) There were two clean fractal breaks higher, shown as ^ , with price over the intraday 18-SMA (ES 30-min) AND while daily price was over the 18-day SMA. This morning's employment report rocketed the futures higher, up over the intraday Bollinger Band.

ES Futures - 30 Min - Employment Report

It is interesting that the wave ((2)) shown never will even show up in the cash market. Obviously, just being over the 18-day SMA is not a 'sole criterion' for, then, prices, once over the 18-day, would never move under it. I do have a 'big' question over whether such a move will be a fifth wave in it's entirety or form a larger ending pattern like a triangle or diagonal in the cash market session.

It is now time to watch the upper 18-day Bollinger Band, as well, and see what the cash session brings.

Have a good start to the day.

TraderJoe