We were looking for a fifth wave up today. That occurred. There are now enough waves to call a minute wave ((a)), up, after the Minor A wave down. Here are the five waves for minute ((a)) on the ES hourly chart.
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| ES Futures - Hourly - Minute ((a)), Up |
Today in the comments for the prior post we showed one way to consider the up wave as completed. But because there were no critical downward overlaps, it is possible that the wave is still in progress, and a higher high overnight or tomorrow could also occur and be a part of the same wave. The end of the day was very volatile and may have represented the end-of-the-quarter window dressing.
Tomorrow is the first day of the new month and it is possible to see some new inflows from mutual funds, pension plans, company bonus plans, dividend reinvestment plans and the like. If tomorrow does not bring in such inflows, and the hourly channel breaks substantially lower, then the likelihood would be that were are in the minute ((b)) wave, down, of the Minor B wave, up.
Have a good start to your evening,
TraderJoe
Although you have kicked me out for no apparent reason and maybe because I had academic disagreement with you. but looking at daily chart- Maybe this is something to consider.
ReplyDeleteIf you delete it again- don't change my life one bit.
https://invst.ly/sb9if
hi..there is 'no' described Elliott wave pattern in the major texts where there is an (a)-(b)-(c) to A, in other words a three-wave A wave, and then a B wave that does not retrace 90%. It just isn't there. You can put numbers and letters where-ever you like: that doesn't mean it describes a valid Elliott Wave count.
DeleteJust change A and B to W and X. It was just for illustrative purposes only- I am new to tradingview and your blog willn't let me post my own charts.
DeletePoint was daily has three waves instead of "a" wave- also futures are up tonight so tomorrow seems an up day which doesn't jive with your count well.
I still do think you are one of the best though.
ReplyDeletethx..
DeleteES 1-Hr .. the first of the month money made new highs in the futures, indexes, and SPY. If newer highs are made (say over the lunch hour), then consider (v) as a diagonal. If not, there are enough waves in right now, and we may have started lower in the minuet (b) wave.
ReplyDeletehttps://www.tradingview.com/x/i8x5TPuF/
TJ
Might form an expanding diagonal on NQ 5mins.
ReplyDeletehttps://imgur.com/blvDlBI
ES 30-min, outside reversal candle down; requires a confirming lower low and lower close candle. High today was along R1, so far.
ReplyDeletehttps://invst.ly/sbner
TJ
ES 30-min, lower close and lower low candle confirmed.
Deletehttps://invst.ly/sbnlb
TJ
ES 30-min: prior morning low exceeded lower.
DeleteCan you futures from low as a ld. That may explain it refusing to go down
ReplyDeleteThere is a new post started for the next day.
ReplyDelete