Friday, July 30, 2021

Chop, Chop - 3

Today was the last day of the month. We supposed because of 'window-dressing' it could be sloppy. It was. With Monday being the first day of the new month - with the possible inflows from sources covered yesterday - it is probable that higher local (if not all-time) highs await. The ES down wave certainly looks impulsive. It may not be.

 

ES Futures - 30 Minutes - Retrace


For that reason, if a second wave, up, does not hold the high, then we suspect the (b) wave might be (or have been) a triangle. We said repeatedly such was possible. For that reason, the alternate labels on the chart refer to that potential triangle. Otherwise, a double-zigzag upward would do nicely for a potential wave ii of a larger (b) wave downward.

That is all.

Have a good start to the evening and to the weekend.

TraderJoe

7 comments:

  1. "Otherwise, a double-zigzag upward would do nicely for a potential wave ii of a larger (b) wave downward"
    is It (b) downward or (c)?

    ReplyDelete
    Replies
    1. It's (b) downward. The degree labels may have to be adjusted depending on which pattern forms. For example it might be micro ((1)) down of sub-mimette c of (b) down should that occur.

      TJ

      Delete
  2. XLU/SPY (wkly) - Early signs

    https://www.mediafire.com/view/d4hgajba6bp6lyx/XLU-SPY.PNG/file

    ReplyDelete
  3. Summation Indexes -

    https://www.mediafire.com/view/66yn5b8w8pwrmgx/Summation.PNG/file

    ReplyDelete
  4. SPX/VIX (dly) - Has the SPX peaked vs the VIX? Comments welcome.

    https://www.mediafire.com/view/qf52xhf9qlwg59s/spxvixd.PNG/file

    ReplyDelete
  5. A new post is started for the next day.

    ReplyDelete