Last weekend we posted two plausible options for finishing the Intermediate (Y) wave higher. (See the post at this LINK as a reminder). Today, with the new all-time high, it appears to be the second of the two scenarios as the ES 8-hr chart shows below.
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| ES Futures - 8 Hr - Impulse Minor C ? |
In this scenario, the Minor B wave is the "running B wave" option rather than the triangle. Today, we counted the SPY cash ETF as likely having made much of an impulse, up. And we could be in the fourth wave down, with a fifth wave up to follow on Monday. This might allow completion of a minuet (b) wave at the high, to be followed by minuet (c) wave down to make the fourth minute wave ((iv)) of Minor C before making the minute fifth wave up.
The Elliott Wave Oscillator is still on a divergence and is hanging near the zero line. It might go below zero on the minuet (c) wave, down.
Have a good start to the evening.
TraderJoe
Excellent TJ.
ReplyDeleteThanks
Given the mega cap earnings and FED meeting next week which tend to be bullish, what do you think of the alternative that current zigzag is the first leg of an ending diagonal circle (v) th wave of C
ReplyDeletepossible, but way too early to suggest without a new zigzag higher, for a second leg of such a diagonal.
Delete👍 thanks TJ, I think this scenario is highly probable. My ALT would be we had our abc correction and now in (v) and continue to rip higher to 4400 fib area.
ReplyDeleteTJ - I found it odd CPCE rose today with SPX. Any opinions on that?
ReplyDelete..anticipation of (c) of ((iv)), down, perhaps?
DeleteTJ
A recent example relating to a prior post - an "Eiffel Tower" formation (if interested)
ReplyDeletehttps://funkyimg.com/i/3bUrP.png
https://schrts.co/QrjMabhh
ReplyDeleteThis is one of the things that keeps me more bullish than most of you. I think it’s probable that we see the VIX below 10 before this cycle ends. The markets don’t always repeat themselves, but they often rhyme.
True Tim
DeleteHow long can CBs, Govs continue the river of liquidity, before the catalyst arrives and what will the catalyst be? (rates is my thinking) Until then I have no understanding of when this end or at least become an investable market again. Gl to all and have great day
SPY (wkly/mnthly) update -
ReplyDeletehttps://funkyimg.com/i/3bUsS.png
TJ, can you tell us where you have Cycles II through IV in Supercycle III?
ReplyDeleteYep interested in that too for review of degree validation vs SuperCycle II (1929-1932)
DeleteThx and have good weekend!
This question has been answered as the next day's post.
DeleteSPY (2hr/15min) our recent low - (two looks vs one)
ReplyDeletehttps://funkyimg.com/i/3bUAk.png
👍 nice work. If we get TJ’s minuet C wave down next week, that would be a great set up trade. I think the 4100 area might hold and launch us to at least 4300 with ideal target of 4440 fib.
DeleteBTC (weekly, log) update -
ReplyDeletehttps://funkyimg.com/i/3bUJE.png
I have made money trading BTC a few times but it seems like the biggest ponzie scheme ever created. Are we sure Madoff didn’t start this, lol. I do like the idea of betting on the casino though, so I took a spec position in COIN. Terrible start but will probably stabilize at 250.
DeleteJust looking at that this morning. Here is the futures.
Deletehttps://imgur.com/Tk6Zpia
SPX/VIX (mthly) - Something? Nothing?
ReplyDeletehttps://funkyimg.com/i/3bUMC.png
A new post is started for the next day.
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