The is the ES 4-hr chart. If we are in Minor B, it counts as the double-combination wave labeled ((w))-((x))-((y)), the purpose of which was to fill gaps on the cash price chart (as noted in the prior post), and to reach the required 90% level for a flat. That means the Minor A wave down was a three-wave sequence. At this writing, cash has gone over the prior 3,233 top. ES futures have not yet.
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| ES Futures - 4 Hr - Minor B |
Within wave minute ((y)), then minuet (a) is a diagonal .. and so minuet (c) should finish as an impulse or a truncation.
Yes! Another higher high is definitely possible. We could only be in iv of (c) now, so just be aware. Right now, the Fibonacci relationship would be ((y)) = 1.27 x ((w)), or thereabouts.
P.S. After writing the above, the downward movement overlapped the likely first wave up, and so the upward movement is likely over. There should not be a fourth or fifth wave higher.
P.S. After writing the above, the downward movement overlapped the likely first wave up, and so the upward movement is likely over. There should not be a fourth or fifth wave higher.
Have a good rest of the afternoon.
TraderJoe
Now down to the lower band, also with the intraday slow stochastic becoming slightly over-sold.
ReplyDeletehttps://invst.ly/rfk9-
TJ
..ES futures opening gap closed. I had noted earlier they tend to close sooner that those in cash.
DeleteDownward overlap just occurred. That just about seals the fate of this wave.
ReplyDeleteHere is the overlap; Investing.com is behind.
Deletehttps://invst.ly/rfkj3
TJ
..now a 1.618 wave to the down-side.
ReplyDelete(CNBC) California to close indoor restaurants, movie theaters and bars statewide as coronavirus cases rise.
ReplyDelete(CNBC) American Airlines to warn pilots this week about potential furloughs
Here in E. Bay (Berkeley), this does not represent any change. Los Angeles area has had the spike in Covid cases.
ReplyDeleteET, If we are thinking this is an X wave since the March low, from a degree stanch, should it not take longer in time than the b wave of all of 2019?
ReplyDeleteI've thought of one way for that to happen if it wants to. Going to keep it close to the vest for now.
Delete@JohnnyG ..You are each referring to two different waves. If we are in the Intermeidate (X) wave, now, that is what BBR is referring to. The wave you are referring to is Primary ((B)); they are two different waves.
DeleteA new post is started for the next day.
ReplyDelete