Today's marginal higher high in the S&P500 Cash Index got the Minute ((c)) wave ever closer in length to equality with the Minute ((a)) wave. At the end of the day, it ended with a slight deficit. But, the marginal new high is enough to provide a likely ending diagonal for the Minute ((c)) wave, as per the updated hourly chart below.
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| SP500 Cash Index - 1 Hr - Minor B |
Although the cash market made a higher high during the regular cash session, the ES futures did not make a higher high at that location. That now adds to the number of potential inter-market discrepancies being seen.
- The NQ futures made a new all-time high, the ES futures have not (yet)
- Cash S&P made a new higher high in the cash session, ES futures did not.
- S&P Cash exceeded the minute ((a)) wave, Dow cash did not.
Have a very good start to the evening.
TraderJoe
I was thinking the same thing on but future made high last night the only problem is i see 3 waves over night correction before market opened perhaps you can see 5 in there. There is a possibility that today high in cash was expanded B.
ReplyDeleteTo avoid degree violations, this is what I've been working with on futures.
Deletehttps://www.tradingview.com/x/QxCz9tPL/
TJ
TBH,I was a bit surprised at the rather torpid decline from the busted wedge. Unless downward momentum accelerates in ES the wedge break would imo look a tad uncharacteristic...
DeleteI think I misunderstood your count.
ReplyDeleteSince June 28, the indexes drive upwards.
ATH objective.
Waves 1 and 2 completed.
Wave 2 contains a strong b.
Looking at a possible leading diagonal in S&P 500 Futures 15 min
ReplyDeletehttps://imgur.com/a/zGvoM0u
TJchuck
Need to see if this retrace holds and then breaks lower or if it takes out the diagonal in less time than it took to form.
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ReplyDeletePublished Wed, Jul 8 202011:27 AM EDT
Gap down wave in ES futures. Watch to see if this retrace fills it. If not, it might be something. Looks a bit bigger on broker chart.
ReplyDeletehttps://invst.ly/rdshz
TJ
..they just filled that gap in a larger zigzag-x-flat
DeleteAny chance of running expanded triangle with A ending around 3120 on 3rd july
ReplyDelete..possible .. just much less likely (imho) because I can't count A in cash without a fourth wave triangle. That would be poor alternation - with two legs having a triangle in the same location.
DeleteOk thanks tomorrow is unemployment report so it will out of this range i think
ReplyDeleteAnd i also note that futures did break its overnight low..came within a point (although the day is not over)
ReplyDeleteDid not
ReplyDeleteHere is a correction type you don't get to see very often, so I thought I'd publish it. It is a "Zigzag-X-Flat" or "Double-Three" - whichever you prefer.
ReplyDeletehttps://invst.ly/rdt1l
TJ
Appears daily $NDX slow stoch. will embed today.
ReplyDeleteThere is a new post for the next day.
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