Today, price traveled low enough to contact the 18-day SMA (on the daily chart, of course). The slow stochastic, as of the settle, did lose it's embedded status, with a value of 70 - well below that 80 level. Daily price did settle just above the 18-day SMA keeping the bias up, but weakly so.
On the ES 4-hr chart, below, the green EMA13 did cross below the blue EMA34, in a temporarily negative sign.
 |
| ES Futures - 4 Hr - Below Support |
Price is currently trading below the former Support/Resistance line. Wave iii is currently longer in price than wave i of a potential expanding diagonal, but it is not yet longer in time. If wave iii makes lower low all it does is move wave ((B)) to the top of the last candle as an expanded flat wave.
Yes, at the moment, there are only two downward zigzags - which still can be seen as corrective. Still an upward count can not resume until wave ii is exceeded higher. This is not impossible. But it - the whole structure in either direction - just requires calm, patience and flexibility.
Have a good start to your evening.
TraderJoe
Thank you for your work TJ. I wonder if you have a long term chart of Gold you would be willing to share?
ReplyDeleteWhat would happen if the US. went back to the Gold standard? Would America’s debt be wiped out? What would be the price of gold? I guess it would be a lot higher.
DeleteAt the moment, here is the daily. It is the only count I see that explains the Fibonacci ratios, and provides a clear invalidation above the Minor B wave.
Deletehttps://www.tradingview.com/x/CngZgA4R/
Remember, I tried a leading diagonal, first. It did not work because this last retrace upward was too long in price. But, there are lower lows. So, as much as one hates it, that big first triangle - which does not overlap wave minute ((i)), down, with any wave - must simply be a fourth wave. Otherwise there is no way to account for lower lows.
I already provided my longer term views on GOLD back in this post, and don't prefer to repeat them.
http://studyofcycles.blogspot.com/2020/08/one-fifth-report-on-gold.html
Hope this helps.
TJ
Thank you so much for your work and generosity.
DeleteA FAANG index challenge (should you choose to accept it), lol. A bit of long weekend fodder (if interested).
ReplyDeletehttps://funkyimg.com/i/3a65V.png
Interesting - thank you
Deleteinteresting.. thank you for postimg.. lets see if RSI bounces from 40s& 30s..
DeleteEarnings more intetesting next 2 weeks.. assuming people will be looking to set up their plays..
👍 cool stuff
DeleteET - could you provide an update on the daily count? I'm afraid I'm a bit lost
ReplyDeleteSee the next day's post.
Delete