Nothing has invalidated. The overall count has not changed. I'm just wondering if we are getting an overall short-term 'summer triangle' in the Dow and S&P. The Dow futures chart is shown below for clarity.
If it is a triangle, a very clear invalidation point is established. If the red Minor B wave is at the prior high, that is still fine. There is still a way to count Minute wave ((i)), down, and minute wave ((ii)), up. We remain on alert for downward waves at some point fairly soon. We suspect that the Dow cash, and S&P cash still need to overlap their upward Minor A waves in the downward direction.
The MACD is hugging the zero line and is as flat as a pancake. One thing is clear. We did not crash today either, like yesterday, and the day before ...
A reminder is provided that the Payroll Employment Report is supposed to come out tomorrow morning.
Have a good start to your evening.
Have a good start to your evening.
TraderJoe
Dow (YM futures) remain the weakest. The Dow has already done a 30-min reversal candle. Other futures 'working on it' or close.
ReplyDeletehttps://invst.ly/rbn0r
TJ
ES .. now too
Delete..DOW has now given up its gains since the Payroll Employment Report was released, but not all of the overnight gains.
Deletehttps://invst.ly/rbnhx
DeleteNDX new all time high again today
ReplyDeletelast weeks pullback retested the feb peak confirming the breakout
11000 NDX should be seen quickly as described previously
ES futures 5-min; so far a double zigzag back to the 62% retrace, and some distribution there. Also, the up wave takes longer in time than the down wave.
ReplyDeletehttps://invst.ly/rbqni
TJ
ES 5-min - first breech of parallel to the down side
Delete..now below the (A) wave of the triangle ...
Deletehttps://invst.ly/rbqwp
TJ
ES futures 5-min new low beneath the prior local low.
Deletehttps://invst.ly/rbqzq
DeleteA new post is started for the next day.
ReplyDelete