Thursday, July 29, 2021

Chop, Chop - 2

Did today make a believer in the up side out of you? Most of the comments from the previous post indicate it did not. But it sure did one person. He sent me some very 'timely' advice (..not!!..).  During the day prices got up to the 4,423 level and we had pointed out the R2 daily pivot point was at the 4,424 level. Because of the higher high, we eliminated i/ii down option from the chart, and the down wave became the a-3 wave more indicated by the futures than by the cash chart. Prices later fell to 4,395+ in the after hours, and all relevant up waves have been overlapped. This chart only shows the decline to 4,405.

ES Futures - 1 Hr - The Harassment Apparently won't Stop

 

This is just a reminder that tomorrow is the last day of the month, which often, not always, sees some sloppiness in the form of portfolio "window-dressing". And then Monday is the first trading day of the month which often, not always, sees inflows in the form of 401k's, company bonus plans, pension funds, dividend roll-over schemes and the like. Be good, be kind to each other. Have fun, but respect boundaries.

Have a good start to the evening.
TraderJoe


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20 comments:

  1. Elliott_TraderJuly 29, 2021 at 5:59 PM

    Dear Phil - "nothing" of yours will ever be posted here again.

    1. Stop harassing this site.
    2. Stop harassing me.
    3. Stop sending me email.

    You need to realize we have different purposes. I am counting waves. We are not at (Y) = (W) yet.

    Please get a clue about how to behave on line.

    TJ

    ReplyDelete
  2. GreywaverJuly 29, 2021 at 9:08 PM

    That volume patter

    n looks like a 2B top (of some degree) :o) Nice.

    SPXcfd (4hr) observations -

    https://www.mediafire.com/view/e0qvom98c8djh8l/4hrud.PNG/file

    ReplyDelete
    Replies
    1. TachyonJuly 29, 2021 at 11:18 PM

      Looking interesting. A VIX gap above 20 would be lovely...!

      Delete
  3. GreywaverJuly 29, 2021 at 10:36 PM

    Copper/Gold (wkly) - update/thoughts

    https://www.mediafire.com/view/5v3tzev5pvroyfz/HGGold.PNG/file

    ReplyDelete
  4. GreywaverJuly 29, 2021 at 11:16 PM

    AMZN (2day) - sign(s) of possible pullback?

    https://www.mediafire.com/view/jv75vgmeunsvx1v/amzn.PNG/file

    ReplyDelete
    Replies
    1. GreywaverJuly 30, 2021 at 3:10 PM

      Gap down today, yesterday's close to low today - <8%>+

      Delete
  5. RogerJuly 30, 2021 at 10:53 AM

    Morning all

    Im sitting here having a coffee, wondering if this selloff correlates with all Gov free $s ending, along with Joes charts. :) Thanks Joe

    ReplyDelete
    Replies
    1. Elliott_TraderJuly 30, 2021 at 11:13 AM

      welcome Roger. TO some extent it does/will. But it also relates to China crack-down and the much lower Shanghai Composite, etc.

      TJ

      Delete
  6. Elliott_TraderJuly 30, 2021 at 11:00 AM

    Good morning all. I would put a 'wave-counting-stop' above this morning's high. It is likely taking out that level might result in a return trip to the high.

    https://www.tradingview.com/x/ruTvbrHR/

    In a moment I will show how the first downward price target was met, and others.

    TJ

    ReplyDelete
    Replies
    1. fibonacci.July 30, 2021 at 12:25 PM

      Gm Tj- The rise from this morning's low isnt impulsive either. ii or b of c down perhaps

      Delete
  7. Elliott_TraderJuly 30, 2021 at 11:15 AM

    Here is a chart showing how the first target of c = a-3 was met. And it shows two other levels most commonly associated with expanded flat.

    https://www.tradingview.com/x/GvXHoOpB/

    For either of the lower targets to be considered, the overnight low has to first be exceeded lower.

    TJ

    ReplyDelete
  8. Elliott_TraderJuly 30, 2021 at 11:45 AM

    ES 30-min; and here is the usual intraday wave-counting-screen with intraday Bollinger Bands, daily pivot points and local fractals to watch for decision points the market may make.

    https://www.tradingview.com/x/01gZha8R/

    This chart is behind about 10-min; and price is nearing the intraday 18-per SMA. Note how the daily pivot PP was near the 62% retrace and served as an upward barrier (temporarily, at least).

    Try to keep updating the two-bar fractals during the day for your practice.

    TJ

    ReplyDelete
  9. GreywaverJuly 30, 2021 at 12:53 PM

    SPXcfd(15min) - current look

    https://www.mediafire.com/view/usfg1p3yws3y4my/cfd15min.PNG/file

    ReplyDelete
  10. GreywaverJuly 30, 2021 at 1:41 PM

    DJT (dly) Trying to make a stand?

    https://www.mediafire.com/view/2m80eqj92lzcs5k/DJT.PNG/file

    ReplyDelete
  11. Elliott_TraderJuly 30, 2021 at 2:39 PM

    I don't know for sure with SPY, but the middle structure is very difficult to count a different way.

    https://www.tradingview.com/x/PWklqSHR/

    TJ

    ReplyDelete
  12. SuperdaveJuly 30, 2021 at 2:56 PM

    https://www.tradingview.com/x/sU5Lmyf3/

    TQQQ has options to go either way at this point.

    ReplyDelete
  13. GreywaverJuly 30, 2021 at 3:02 PM

    An interesting piece on the $$$ from SentimenTrader - (if interested)

    https://www.sentimentrader.com/blog/speculators-end-near-record-string-of-bets-against-the-buck--30-7-2021/

    ReplyDelete
  14. Elliott_TraderJuly 30, 2021 at 4:32 PM

    A new post is started for the next day.

    ReplyDelete

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