It was indicated in prior posts that, after the five-wave diagonal lower, if the market wanted to spend more time in a second or a (b) wave, that the market could make a flat wave. Below, in the ES futures hourly chart, you can see the 'minimum' configuration for a flat wave.
The w, x,and y waves are exceedingly overlapping, and largely three-wave sequences with price held to a close range. The y wave of the flat exceeded the w wave such that there was not a truncation of the pattern.
Price needs to move out of the pattern for further analysis. The pattern shown is the minimum flat configuration, and amounts to a "double-three". Price could - by the rules - go still higher in a more rare triple-three, but the odds of that happening are somewhat lower. On the down side trading below the 'x' wave' in an impulsive fashion may otherwise end the upward correction.
In another development, the Russell 2000 futures marginally cracked the prior high. Other futures indexes such as the YM, NQ and ES have not, as yet.
Have a good start to the evening.
TraderJoe
One quick questioh. The 5th in your diagonal doesn't it look like 5 waves instead of abc. Thks
ReplyDeleteNo, I counted a down to the end on the 18th, then up to b on the 19th, and then c down on the 19th. This was all after-hours stuff; messy.
DeleteOk thks
ReplyDeleteLooks like futures is going for the triple three :) ES broke previous high to 3597.5 as of this comment
ReplyDeleteOr a breakout from triangle
ReplyDeleteUpdate on 4hr -
ReplyDeletehttps://funkyimg.com/i/38Sij.png
A look at the 30min -
ReplyDeletehttps://funkyimg.com/i/38SYN.png
Hidden div. peak exceeded.
DeleteLooks like a .786 retrace of assumed diagonal (so far).
DeleteGood afternoon, all. Although ES futures, and NQ futures are not over the top yet; SPX cash is over the top, which tends to make the diagonal downward count untenable at this time. Please see the charts in this post for the potential implications of going over the top.
ReplyDeletehttp://studyofcycles.blogspot.com/2020/11/for-those-seeking-five-up.html
TJ
The fact that the the triangle e wave of yesterday avoided the overlap of 12 oct high by one tick both in cash and futures...does it give anymore insight for the count. Thks
DeleteTJ maybe the expanded diagonal you've outlined last couple days is a failed C wave?
Deletehttps://invst.ly/sy753
I think it was a triangle breakout from yesterday low.
ReplyDeleteDaily winning out -
ReplyDeletehttps://funkyimg.com/i/38TcM.png
Not certain if your RSI labels designate EW, but if they do I think there may be some issues with where you have the wave numbers.
DeleteAs stated previously, they do not. Strictly a repetitive pattern I note on RSI.
Delete:o)
Got it! As you can tell, I am reading your posts carefully! :)
DeleteOuch! You could put someone's eye out with that. lol
DeleteA new post is started for the next day.
ReplyDeleteCurious about your thoughts on recent price action of gold. We appear to be in the C of C of the X wave down with the recent break of 1850. Any observations would be appreciated.
ReplyDelete