The chart below shows that - depending on where you start the top - waves (i) and (ii) are reaching near equality in time, if wave (ii) hasn't attained it already because of the uncertainty at the prior high.
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| ES Futures - 30 Minutes - (ii) and (i) close in time |
Wave (ii) can currently be seen as a flat wave with a potential ending diagonal, but it would be best if there was another set of overlapping waves.
Have a good start to your evening.
TraderJoe
As a follow on to TJ’s July 16th post....Looks like Gold made a triangle and ”last wave ahead” for what might finish wave 5 and be the start of [C] down. Also to note is that this is the fifth day the close was outside the daily Bolinger band and tomorrow would mark an embedded status. We will see what tomorrow brings.
ReplyDeleteBacktested daily channel overnight, looks like its trying to decide what to do with the weekly.
DeleteAwful lot of gold going higher article's.
DeleteHere is a look at the hourly chart. Remember wave ii should not close over the upper channel boundary if the second wave, (ii), is correctly identified.
ReplyDeletehttps://invst.ly/rlec3
TJ
Hi TJ,
ReplyDeleteit seems to me the market wants to gain some time to keep July in green territory. May be your (ii) is the (a) and (b) is running now followed by a (c).
Mkt waiting for Fed speak IMO..cant make of this action..Thanks Joe, Gl all
ReplyDelete