The ES futures daily count remains this one. There is nothing yet to suggest any different. In fact, the EMA-34 is added to this chart to show that a fourth wave has not, as yet, come back down to cross the moving average.
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| ES Futures - Daily - Count |
In fact, today's advance-decline line was better than 2.5:1 in favor of advances, so this still seems to indicate a third wave. The half-hourly chart can show a near completed wave at the high. Completed if it truncates slightly.
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| ES Futures - 30 Minute - Thrust from Triangle |
Since wave iii is shorter than wave i, then wave v should remain shorter than wave iii. But, we are not there yet. Yes, it is not lost on us the advertising value of having stocks at an all time high (perhaps manipulated there by the FED and it's subservient banks) when you are about to take the stage as a national candidate for President.
Have an excellent start to your evening.
TraderJoe
Carryover link (if interested)
ReplyDeletehttps://imgur.com/VLCVgR0
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From CNBC:
ReplyDeletePowell set to deliver ‘profoundly consequential’ speech, changing how the Fed views inflation
FED to Target Average Inflation
TJ
i have been reading financial commentators saying confidently that COVID is hugely deflationary. Thats not what I see in the CRB. Perhaps there is another wave down but looks up for now and potentially long term. CRB monthly, its just a matter of what they blame it on, or rather, setting themselves up for success of increasing inflation. I wonder if they will be able to put the Genie back in the bottle
Deletehttps://imgur.com/a/EOeIk8L
TJ- I'd be interested to get your thoughts if there's any "there" there (in any way).
ReplyDeleteThanks
https://imgur.com/OK8XU9s
Blue v did not make a new intraday high, and that would bug me. Yes, it made a new closing high, but still...
DeleteI should clarify that my target area for (v) is assuming that it does not extend. It certainly could as (iii) was just a bit over 1.382.
DeleteIm like you. That "truncated" v of (iii) seemed odd. But that RSI divergence on the higher close helped a little. That was my only issue that jumped out at me.
DeleteAs of 07:15 EDT, the prior up waves have been demoted one degree. The internal count on the first wave, i, works by one tick.
ReplyDeletehttps://www.tradingview.com/x/d5AK2URk/
Then, to maintain degree labeling, wave ii is now the largest correction in time and price. This was the prior wave four, but it now serves as the basis for a new 0 - ii trend line.
TJ
Update to prior chart post.
ReplyDeletehttps://imgur.com/KgLalPH
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Very possible the NDX, NQ is in a triangle, or expanding diagonal. Of the two, the triangle is more common.
ReplyDeletehttps://invst.ly/rxbdt
TJ
Can't say for sure, but because the largest retrace is less than 38%, then either the impulse in a wedge count fits, or the upward wave might become a diagonal to match more with the NQ's triangle.
ReplyDeletehttps://www.tradingview.com/x/xLSi5Oup/
There is downward overlap already.
TJ
ET, is 90% retracement of A required in a flat or is that just a guideline. Would, for example, 70% be sufficient? Thanks.
ReplyDeleteA new post is started for the next day.
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