Because of the initial wedge shape, and the divergence on the RSI, readers of this blog were asked in the early morning to be on 'overlap watch' and look for the potential of a downward overlap.
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| ES Futures - 30 Minutes - Count Detail |
That overlap occurred late in the afternoon. The count detail is shown above. I'm still counting the (c) wave upward.
Have a good start to the evening.
TraderJoe
If b is extended is the overlap with b considered overlap or does it have to overlap the impulsive wave 1 in this case
ReplyDeletec up of B up into tomorrow's FOMC looks about right. The market has so far ignored the economic war that kicked off today with the China chip embargo. If you have a blog pool for when the Fed will announce formal $SPY/$QQQ/$RUT purchases, I'll take the December square, please.
ReplyDeleteI checked the gold chart back to 1458 and the channel fits nicely with triangle in upward position. I would not be surprised for confusion for the FED decision to be the e wave
ReplyDeleteAnother higher high - at 06:30 EDT, which cash did not see, and a downward overlap. This suggests we are in iii.
ReplyDeletehttps://www.tradingview.com/x/37e2FXzR/
TJ
Last time I had a triangle switch directions on me, it hung out on the bottom line a long time.
ReplyDeleteSPY/Cash can be considered as a completed five-waves up. There is a way to count the futures as such, too, but cash 'looks' better.
ReplyDeletehttps://invst.ly/s5m8y
TJ
..there are likely now five waves down in progress, and a new low below wave ii.
DeleteTJ
There is a new post started for the next day.
ReplyDelete