After the longer term count posted this weekend, here's a reminder of the intraday chart. The count on this ES 8-hr chart was pretty well explained in the post at this LINK.
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| ES Futures - 8 Hr - Intraday Count |
The Elliott Wave Oscillator (or EWO) has began to recover a bit as the market has made three-waves up. When we wrote the post, we noted we did not think the (b) wave up was finished yet. Today, the ES wrestled tantalizingly all day with the high, but did not pop through it. Other markets like the NQ futures did.
If the market starts a real acceleration process, upward, the alternate for this count is likely that we are in (v) of ((iii)) in an effort to make a 1.618 extension. If that occurs, we'll adjust when we see it. As of today, though, prices had very little upward vigor.
A few other reminders for this week:
- Tuesday is often (not always) a reversal day.
- Wednesday is the scheduled FED FMOC report out on policy.
- Many, many S&P companies report earnings this week
- Friday is the last trading day of the month (often with window-dressing)
Have an excellent start to the evening.
TraderJoe
2hr, update -
ReplyDeletehttps://funkyimg.com/i/3bVnW.png
I am still thinking about that 1932 chart in terms of social mood. I think it makes perfect sense. What a staggering amount of financial BS since 2009 and going all the way back to 1982. An economy completely dependent on credit, deficits, an the printer.
ReplyDeleteAll in an attempt to keep the trend alive.
Now you look around and its f$%king Zombies everywhere, Companies, Economies, Countries and People. Social media has put it all on display.
A shit storm is a coming, as Wave Theory suggest. I should not be surprised. A population that is physically and mentally in decline, incapable of critical thinking, walking around in search of likes and focused on getting their idiot elected to drive a bus with no f^&king wheels.
The fuse is lit. How long it is and how big the charge at the end is the question. The gun sales and the empty ammo shelves tells me it could be rather large.
Again, should not be of surprise. One of my favorites...
Everything starts with a good intention.
Turns into a business
Ends up degenerating into a racket.
Sounds like an impulsive wave.
Yep. You know we are in big trouble when 99% of the population is apparently too stupid to even notice what's going on at the WH.
DeleteGood morning all. Here is the ES 30-min intraday wave counting screen with updated daily pivot points (classic calculation) and local fractals.
ReplyDeletehttps://www.tradingview.com/x/imASUII8/
The intraday Bollinger Bands continue to be quite narrow. Only three waves down from the prior high.
TJ
ES overnight low exceeded lower. If the futures are going down it may be by way of a whippy diagonal.
DeleteTJ
5 hr chart looks to me like yet another triangle of some sort. Upward break more likely imho.
ReplyDeleteVIX - BB’s are squeezing. Big move coming but which way? Sentiment readings say down, but global CB. Liquidity is hard to fight.
ReplyDeleteAnother possibility is divergence on final wave up. VIX pattern is bullish falling wedge and the wedge is massive!
DeleteSorry - I wrote it wrong. Sentiment says VIX up SPX down.
DeleteAll good...! :)
Delete2hr, update to last night's post -
ReplyDeletehttps://funkyimg.com/i/3bVyL.png
Agree. Trend remains up, therefore higher highs a reasonable expectation...
DeleteES 60-min vs 15 min; there 'are' two competing patterns until/unless the up (red) fractal breaks. One is an upward triangle, the other is a downward diagonal. There are three-wave sections in each.
ReplyDeletehttps://invst.ly/ulvb8
TJ
..clearly the triangle invalidates if below ((A)), and likely below the ((C)) wave. TJ.
DeleteES 15-min; the algo bots are 'skating' on the trend line recognizing it and creating more fractals.
Deletehttps://invst.ly/ulwau
TJ
ES 15-min : a new green (up) fractal was created.
Deletehttps://invst.ly/ulwd6
TJ
ES 15-min; first green (up) fractal back is breaking higher.
Deletehttps://invst.ly/ulwf9
TJ
spy 1 minute is fun to watch
ReplyDelete