The wave structure is so sloppy it is difficult to ascribe any particular degree of certainty to the count. But if I don't change any prior wave labels, then it is possible we are still in the Minor B wave, up, of the second Intermediate (X), as shown below.
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| ES Futures - 2 Day - Price in a Wedge Currently |
As per the comments, it is not possible at this time to ascribe ending diagonals to the cash markets, and price has not yet hit the level of 1.382 x A.
During the latter portion of the month of April, it is possible for this Primary ((B)) wave up, to take up more time than the previous Intermediate (B), up, of Primary ((A)), down.
Have a good start to your evening,
TraderJoe
Think thats it !!!
ReplyDelete👍 thanks. NYAD is still diverging from price.
ReplyDeleteThanks TJ. I can envision the triple zig-zag count also. I would argue that it is possible that wave (XX) is completed and we are currently in wave (Z).
ReplyDeleteThe latest videos released by Foundation for the Study of Cycles fit well into this big flat. There seems to be little time left to finish ((B))
ReplyDeleteGood morning all. Here is the ES 30-min intraday wave-counting-screen, with updated daily pivots and local fractals.
ReplyDeletehttps://www.tradingview.com/x/bQxW8v7u/
TJ
Courtesy of SentimenTrader - Last hour
ReplyDeletehttps://funkyimg.com/i/3bFNn.png
Sorry but I can't upload charts - looks to me though that TLT on the hourly chart has 5 waves up from the 3/18 low and is currently finishing an a-b-c correction
ReplyDeleteOther than the diverging Elliott Wave Oscillator, it's hard to get too excited, yet on this time frame. I'm trying to keep in mind that 1 Apr could see the usual first of month inflows. But a correction here is certainly possible.
ReplyDeletehttps://www.tradingview.com/x/Cxb0Pnp1/
Looking at cash 15-min, there does appear to be an initial five-waves down, which may lead to a further correction.
TJ
Looks like price consolidation ahead of move higher, imho.
ReplyDeleteDo rules for a barrier triangle permit the b wave to exceed the start of a? I know the b-d trend-line must remain reasonably horizontal.
ReplyDelete..lower probability.
DeleteES 5-min; 3935.50 is a level to watch. If price can get down there, that would be a 90% retrace, for the b wave of a flat. There are three-waves-up since the morning low, so if not that then a double-zigzag.
ReplyDeleteTJ
ES 5-min; I'd be watching a tentative down channel like this to see if it holds or not.
Deletehttps://invst.ly/ubfj0
TJ
..quick enuf .. channel seems to be breaking higher.
Delete..new tentative up channel. Nothing here until we get something we understand ('possible' start to a triangle??)
Deletehttps://invst.ly/ubfml
TJ
ES 5-min..so far .. double zigzag, up.
DeleteES 5-min; double zigzag provides a new tentative channel. Can go triple zigzag if it wants to extend the time in correction.
Deletehttps://invst.ly/ubg1z
TJ
..long a, short c; alternates with short a, long c.
Delete..now overlap on the first ((A)), up.
DeleteAfternoon all
ReplyDeleteWondering where the 10yr blasts off to tom when the 3-4 trillion of debt is announced.
Have great day all
I think that news is already baked in. I think bonds are massively oversold - on a short-term basis - and we will rally over the next few weeks before heading lower. Just my $.02
DeleteI would agree..Im thinking knee jerk reaction..Mr Market sells off
Delete..ZN nearing a 1.618 extension on a green and rising EWO.
Delete10 yr note is a buy .........you are way late to get bearish now
DeleteES 5-min; channel looking healthy with overlap now on the second ((A)) wave, up. Does not 'have to form a triple zz, but can.
ReplyDeletehttps://invst.ly/ubgik
TJ
ES 5-min, down to lower channel boundary.
Delete..and cash closes well back inside of channel.
Deletehttps://invst.ly/ubgm9
TJ
..this is all we have, so far. Within the first X, longer ((A)) shorter ((C)), and within the second X, shorter ((A)), longer ((C)). So the X's alternate, too. Further, if the second X ended at the low, then it is shorter in time than the first X. If you think about it, that makes a diagonal very hard to form.
Deletehttps://invst.ly/ubgp1
TJ
There is a new post started for the next day.
ReplyDeleteUsing weekly cash charts via Stockckarts.com, I find the low occurred on 12/24/2018 and wave (B) peaked on 2/18/2020, which is 421 days. The current wave began with the 3/23/2020 weekly value and will exceed the aforementioned wave on 5/18/2021. Hope that helps.
ReplyDelete