From a wave counting standpoint on the ES 4-Hr chart this is all I have, so far. One can only get so much information from the market. You can't squeeze blood from a stone.
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| ES Futures - 4 Hr - Downward Base Channel |
As long as price remains in the downward sloping base channel, a decline is still indicated by the channel. (As always, this is not to be taken as trading or investment advice.) The downward expanding diagonal - which was counted out largely in real time - was retraced a bit more than 38% today. While that is sufficient, it can become longer in time or price by making a Flat wave if it wants. It does not have to.
Today's session was mostly a non-event until the after-hours where a larger candle with quite an upper tail is shaping up.
In this chart (a)/(i), and (b)/(ii) are on equal footing until they are not. Have a very good start to the evening.
TraderJoe
Asshole indicator says we go down
ReplyDeleteTwo 90% retrace waves made in overnight session.
ReplyDeleteMorning observations -
ReplyDeletehttps://funkyimg.com/i/38M1F.png
Very, very short term .. ES 1-min, there are five waves up from the morning low that meet the definition of a diagonal. Let's see how it fits.
ReplyDeletehttps://invst.ly/swluw
TJ
..wave ((4)) of diagonal now exceeded lower.
Delete..wave ((2)) of diagonal now exceeded lower.
DeleteHow does it fit in the bigger count
DeleteNegative HD on 5min, target is new low. (fwiw).
ReplyDeleteA look at the 5min -
Deletehttps://funkyimg.com/i/38Mqe.png
Both HD targets met.
DeleteHow they played out -
Deletehttps://funkyimg.com/i/38Mtv.png
ES 5-min; diagonal was just exceeded lower before it was exceeded higher. Therefore, it was 'ending' in one sense. But, because it took so long to exceed the low, it could be part of a larger triangle or diagonal.
ReplyDeleteChart showing low of diagonal exceeded.
Deletehttps://invst.ly/swo42
TJ
This is a whippy low, volume structure.
ReplyDeletehttps://invst.ly/swodm
TJ
..below 78.6% retrace now; risks a larger flat.
Delete..ES 30-min; at 3,548.00 downward wave has reached 90%; larger flat or impulse lower, possible.
DeleteTJ
..ES 30-min, through the prior low of 3,544.25
Delete..now greater than 90% from all recent lows.
DeleteA new post is started for the next day.
ReplyDelete