Ugly waves in the ES futures, intraday chart, today. Per the comments in yesterday's post, we are looking for a fourth wave (iv). Here's how today's intraday ES chart counts.
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| ES Futures - 5 Min - Ugly |
There is a .c = 1.5 x .a wave resulting from the thrust out of a running triangle. The downward wave after the cash close came nearly down to the 0.786 retracement before trading ended. There might be a triangle, running triangle, or double-zigzag in progress in this index.
Whereas the ES made a new low today, the NQ futures did not. The Dow Jones Futures (YM) also made the new low, and have already beaten their Minor A wave down. For this reason, we will be be on the look-out to see if the Minor A wave down can also be a Minor 1 wave down, but I have more work to do on that one.
Have a good start to the evening.
TraderJoe
Not that it matters i think it was a ld for then flat and then c
ReplyDeleteSome observations on the 5min - (so far)
ReplyDeletehttps://imgur.com/6RHrtAf
Update. Last look this evening.
Deletehttps://imgur.com/wohx2oX
Morning after results.
Deletehttps://imgur.com/J8FCs8Q
Joe, Which Minor A wave are you referring to?
ReplyDeleteThanks
Low of Sept 2020
Deleteexactly per my chart. Thanks
DeleteJoe, thank you. Is your W (Minor C) September high at 3588 actually Intermediate A?
ReplyDeleteWelcome. No because 3 of (A) would break the 0 - 2 trend line.
DeleteHere's an ES 4-Hr chart update. It's way too early to say, but 'possible' we are making a pre-election 'running triangle'
ReplyDeletehttps://invst.ly/snnd6
TJ
Agreed
DeleteNot that it can't be, but this would seem to be a very shallow 4th. Am I reading this correctly? (unless it were to be an expanding one).
DeleteThanks!
According to Ira (see you tube free financial video 10/23): the E-mini S&P 500 MONTHLY swing line turns bearish with a close below 3352 (bias still positive since it is above the 18 month ma, the WEEKLY swing line turns bearish with a close below 3287 (it is already below the 18 week ma meaning a bearish bias) and the DAILY swing line is already bearish and bias is bearish as it is below the 18 day ma.
ReplyDeleteES 5-min; 'possibly' an overlapping pattern with divergent lows on the EWO. Be very careful with this one. Might end a 'c' wave of a larger triangle.
ReplyDeletehttps://invst.ly/snpg2
TJ
The only thing that I will add (Which ET will probably say later) is that after the weekend we do have the possibility of the inflows for 401ks as the first of the month occurs on Monday which might give way to the larger triangle.
DeleteHere's the progress, so far. The fourth wave ((4)) is still within range, in both price and on the EWO, but at 62% it should not go much higher.
Deletehttps://invst.ly/snq03
TJ
..what's so treacherous is that c wave diagonal can fail; and that 'might' put the low back on the prior low.
DeleteTJ
..yup, diagonal failure; prior low is the bottom.
Delete..here's the chart ..
Deletehttps://invst.ly/snq3w
TJ
TJ, i have been a reader of your blog for 4-5 years, always lurking and learning. Today i felt compelled to log in simply to say THANK YOU for so many nuggets of knowledge and great information. The above is but an example. "Be very careful with this one" was exactly something that cannot come from theory, only practice and experience from seeing it fail before. Thanks!
DeleteIf you start the ed from yesterday 3340..still possible that last leg of ed may make a low
ReplyDeleteIn futures
ReplyDelete