As the chart below shows, today the NQ daily futures also made a minimum of a 90% up wave. See the Fibonacci measurement. As you probably know by now, that 90% level is the 'minimum' required if the up wave is to be the B-3 wave of a Flat, as well as the ES.
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| NQ Futures - Daily - Up Wave at >90% |
Meanwhile, the ES futures remain in their 4-hr channel and are approaching equality as the chart below shows.
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| ES Futures - 4 Hr - In channel |
The up wave is still diverging with even higher price highs on lower highs in the Elliott Wave Oscillator. I have gone back-and-forth a bit on the count of this up wave, and noted, "B-3 waves are sometimes very difficult to pin down". It 'still' could be ((w))-((x))-((y)), but this is OK for now.
Have a good start to the evening.
TraderJoe
Thks!
ReplyDelete15min inverted H&S target met. 👍
The Q's RSI 5 diverged today 98.59, with an opening gap up. Even at that we still have a dovish fed. I should also note lower volume all week.
ReplyDeletelook at volume right before feb 19 2020 - this week looks familiar
DeleteI have never seen weekly series gaps such as those currently on display in NDX. They are typically seen at the start. or end of strong bull runs. Obviously there is nothing "typical" about the current market..except one...
ReplyDeleteES over 4100. Interesting they waited to do it in futures...very significant imho...
ReplyDelete..see 11:10 PM, below.
DeleteES (wkly) Apex, measures update -
ReplyDeletehttps://funkyimg.com/i/3bLSA.png
A significant feature of ES price action today is that the futures settled at the same as cash (within +/- 2 pts) whereas the June contract is now nowhere near settlement. It is typical for the futures to converge with cash close to settlement, but much less so more than two months out.
ReplyDeleteTJ
The spread is 8 handles. The reason futures closed the same as cash is because futures rallied after cash closed.
DeleteXLRE - daily, 5 up (or close)?
ReplyDeletehttps://funkyimg.com/i/3bLVx.png
With a dovish fed shouldn't we expect 10 year yields to continue rising?
ReplyDeletehttps://schrts.co/VkvYnqTD
ReplyDeleteWe are in nose bleed area with tight BB. Rarely do you get this high. I’m bullish this year, but not at this moment.
Lol. Just getting ready to post the same. Some add'l thoughts. :o)
DeleteStocks above 200ma -
ReplyDeletehttps://funkyimg.com/i/3bMcE.png
👍 great work as usual.
Delete(MarketWatch)
ReplyDelete8:36a
Breaking U.S. PPI data release delayed - government website frozen
Here is the intraday wave-counting-screen with updated daily pivots and nearby fractals.
ReplyDeletehttps://www.tradingview.com/x/ld2hDaDJ/
TJ
..first three down (red) fractals back have been broken ...
DeleteInflation is a risk? Really? With such low lumber and grain prices?? But daddy Powell said don't worry!
ReplyDeleteES 30-min; the low may now be seen as a fractal. All down (red) 'interior' fractals were hit, and removed.
ReplyDeletehttps://www.tradingview.com/x/BLwrhzJy/
TJ
Inflation formula...well when in power just change the formula public will never notice..if I recall many years ago we now calculate inflation with the new gage..chained inflation..and there you have it...ahh so much better. :)
ReplyDeleteThanks TJ, I am targeting NQ 14400 based on measured move from the neckline of the IHS.
ReplyDelete15min update - observations
ReplyDeletehttps://funkyimg.com/i/3bMgC.png
ES 30-min, there is now another valid up (green) fractal.
ReplyDeletehttps://www.tradingview.com/x/Ld1XDxcf/
TJ
..that up (green) fractal, has just broken higher.
DeletePotential H&S emerging (if overnight high not exceeded)
ReplyDelete[Should this play out] (depending upon breakdown pt), would look to retest lows on 7th.
DeleteI was thinking that might be possible too; given the 'long wave in time' yesterday.
DeleteES 30-min; second up (green) fractal back has also been exceeded higher. ES 30-min Futures are beginning to look like another triangle. Meanwhile, SPY cash currently looks like this.
ReplyDeletehttps://www.tradingview.com/x/HSNIZRpo/
TJ
https://www.zerohedge.com/markets/retail-mania-stock-inflows-past-5-months-exceed-inflows-prior-12-years
ReplyDeleteStimulus checks working their magic. :)
Delete15min update - small inverted vs larger reg. H&S -
ReplyDeletehttps://funkyimg.com/i/3bMig.png
Do we see 5 down in NQ?
ReplyDeleteNQ (30 min) ..don't think so; wave four would be exceptionally large compared to two. BUT, possible of :5 down to the mid-point, and an expanded flat. Then, a lower low would be needed.
DeleteTJ
New high, negating possible reg. H&S (on cfd 15min chart posted above)
ReplyDeleteSmaller inverted H&S won the day.
DeleteOn the ES 30-min; is it possible we are seeing an ending expanding diagonal??! The time signatures seem way off for other structures.
ReplyDeletehttps://www.tradingview.com/x/wZ0sKobS/
As an 'ending' expanding diagonal, it 'can' fail to make it's targets, but being Friday, it certainly can make them, too.
This is yet another high, on yet another divergence.
TJ
Trend remains up. Looking for how things close on Monday before picking sides. Have a great week-end everyone and thanks much Greywaver for isightful charts and comments!
ReplyDeleteBigger pic look (4hr), and observations -
ReplyDeletehttps://funkyimg.com/i/3bMjv.png
Meanwhile, back at cash, SPY remains in its wedge for the time being.
ReplyDeletehttps://www.tradingview.com/x/nvjeZS7s/
TJ
Here's what Im seeing on the lower TF 5min SPY -
Deletehttps://funkyimg.com/i/3bMkh.png
Something revved 'em up! :o)
DeleteHave great W.E all..Joe thanks much for your dedication...impressive. :)
ReplyDeleteThanks, you have a good one, too, Roger.
DeleteES 30-min; there is ES 4,108; structure meets the length requirements in the potential expanding diagonal.
ReplyDeleteTJ
Looks like the 2-4 TL has been breached.
ReplyDelete