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| NQ 100 Futures - 4 Hr Close - A,B,C |
It is very likely that the Minor A wave, up, is a regular five-wave impulse wave. Therefore, in a zigzag, the C wave may be a diagonal wave. Why would there be a diagonal here? The diagonal would reflect "too-far-too-fast" conditions evidenced by the "Running B wave". The B wave is satisfactory in that it crosses back down over the Minor A wave to correct it. But it is the most meager of corrections, and represents the strength that the index is about to express as the result of the majority of business being shifted to on-line retailers, high tech electronics & biotech during the pandemic.
A count of Minor A,B,C up would result in an Intermediate (W) wave, up, and would be similar to the (W) wave up in the S&P500 cash index, and ES futures.
With the advance-decline line having recently made new all-time highs, there are still ways this wave can progress upwards.
Please note this is the second post this weekend, if you have not read the first one yet.
Please note this is the second post this weekend, if you have not read the first one yet.
Have a good weekend,
TraderJoe
Looks like we need a b and C of five to complete.
ReplyDeleteTalk about whipsaw! Lol!
..possible, but it doesn't have much more room.
DeleteI think isnt a diagonal ending in NQ.
ReplyDeleteThe first wave it should be more vertical.
And the second wave go back more than 38%.
In DJ from day 29 june, i see first and second waves... waves 3, 4 and 5 are missing above to ATH... i Hope.
Where did you get the 'should be more vertical' from? What reference book?
DeleteOh!
ReplyDeleteThe triangle formation you wrote exists in the Dax index (Germany).
I think the fault is in thinking it was a bearish triangle.
In dax it has come out on top and its target is ATH.
The triangles occur on waves 4 ... but the rise is not impulsive, although it has the same effect.
..the FTSE and the Dow currently have this triangle.
Deletehttps://invst.ly/rc4av
The DAX and the S&P have the higher wave at the end, both in both cases they are likely B waves. B wave triangle.
Look at the longest wave within B, not just the c wave...
ReplyDelete