Last night's high held up. ES futures prices fell apart in the after-hours. While cash gapped lower, and made a slight new low, the futures never beat their low, and created what might be a barrier triangle near the low. This is the follow-up to the potential diagonal chart in the SPY cash index showed in the prior post.
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| SPY Cash - 15 Minutes - Potential Triangle |
The downward wave iii in cash is 1.618 x wave i.
The potential barrier triangle in the lower right might be the fourth wave, taking a lot of time and moving price sideways. A lower low for cash and futures might allow the downward wave to take out the start of the diagonal in less time than the diagonal took to build. But, it remains to be proven.
If proven, it could be the right shoulder of a head & shoulders top.
Have a good start to your evening.
TraderJoe
There's a nice inverse head & shoulders pattern on 1 hr SPX.
ReplyDeleteNow the ((D)) wave of the triangle - or v if just a double-combination; let's see if we get an ((E)) wave.
ReplyDeletehttps://www.tradingview.com/x/VkekVuWI/
TJ
All the pieces in place for gold 4hr upward triangle.
ReplyDeleteMight you agree, if GOLD trades below 1,936 again, that this 'could' be just the (d) leg of the triangle, and the triangle 'might' point down. Say, with about 50:50 odds?
DeleteSPY has a new low; cash S&P and ES does not yet; may be x-Div related.
ReplyDeletehttps://www.tradingview.com/x/E821nzKy/
TJ
Possible futures just completed "d"? Havent reached "b" yet I dont believe.
ReplyDeleteHere is cash SPX, which does not have distortions due to dividends, with the ES futures at a 78.6% retrace.
Deletehttps://www.tradingview.com/x/ONYUGp3Y/
TJ
Cash SPX now has the new low.
Deletehttps://www.tradingview.com/x/GBeW0dnF/
TJ
..and ES is now down through the low. at the S1 Classic Pivot Support.
DeleteShould we not be looking in the .75/1.25 measure of ((A)) from ((E)) as poss thrust target area?
ReplyDeleteThanks
..lower daily Bollinger Band at 3,268, and lower S2 Classic Pivot Support at 3,270 makes a confluence today.
DeleteOn futures, I believe the thrust fibs (.75/1.25) are confluent with the measure of 1st wave from ((E)) x 1.00/1.618, respectively.
DeleteThere is a break of ES 3,300.
ReplyDeleteOur neg HD target for the peaks of 7th and 16th has now been reached! 👍
ReplyDeleteInfo only - this is just to verify that in both cash and futures, the start of the diagonal to the 9/16 high was exceeded lower in less time than the diagonal took to build.
ReplyDeleteTJ
Rebound next week or further drop? Wave B up or 5 up still next or already done? Thanks!
ReplyDeleteSee next day's post, which is up already.
DeleteGood stuff TJ when you roll. You roll...
ReplyDelete..thx ..
DeleteA new post is started for the next day.
ReplyDelete