We posted this chart as the third one in the weekend post over the last couple of days. Nothing has changed in the count, so far. We called for a fourth and fifth non-overlapping waves up, and today was a downward wave that did not overlap. I just added the detail in the Minor A wave for clarity.
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| ES Futures - 4 Hr - Looking for Minor C |
It is difficult to see the structure after the Minor A wave as a second wave as the retrace on the A wave is less than 38.2% based on the Fibonacci ruler shown on the right. That doesn't mean it isn't definitely a second wave, but it makes the probability very, very low - even more so if a contracting triangle shape is considered.
On the ES 30-minute chart, today was comprised internally of contracting, overlapping waves with approximate 78% retraces, as below.
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| ES Futures - 30 Min - Overlapping Potential Triangle |
This could easily be the minute degree fourth wave being looked for - and it might even be a triangle. The entire structure - from the overnight gap up and reversal to the lows - was contained within the daily pivot points.
Have a good start to the evening.
The chart below was added just before the cash market open.
Both the 10-day and the 50-day moving averages are at new lows.
TraderJoe
Early morning look -
ReplyDeletehttps://funkyimg.com/i/39dsq.png
👍 thanks
DeleteHere is the updated intraday wave-counting screen.
ReplyDeletehttps://invst.ly/t270f
TJ
👍 thanks
DeleteA new chart was added to the post just before the cash market open. The put-call ratio is showing extremes by the lowest 10-day and 50-day moving averages in years.
ReplyDeleteTJ
ES 30-min update: now at Daily Pivot Point (Classic Calculation) and at the upper intraday Bollinger Band.
ReplyDeletehttps://invst.ly/t289d
There is an up fractal to watch at 04:00.
TJ
This up wave 'does not' have to truncate. However, the wave has progressed far enough that it 'may' truncate.
ReplyDeleteI was just about to ask remembering the Oct 30 fifth wave truncation in the micro degree (ending diagonal)...thanks
ReplyDeleteYw..
DeleteES 30 min; there is a new ATH
ReplyDeleteWith 'five' countable waves up, I am now turning negative on this market. It may be early, but the sentiment figures seem to indicate it.
ReplyDeleteMay the powers be with us. Thanks TJ
ReplyDeleteUpdate to 4hr -
ReplyDeletehttps://funkyimg.com/i/39e3o.png
With both DJIA and SPX trading precariously at big round numbers, reversal signal should be decisive with an impulsive downside breach of both. I think a close above today would have to be viewd as short-term bullish...interesting juncture...!
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