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.
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| 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
"Otherwise, a double-zigzag upward would do nicely for a potential wave ii of a larger (b) wave downward"
ReplyDeleteis It (b) downward or (c)?
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.
DeleteTJ
LOL, long-term support for $AMZN at $35/sh, if this big wedge retraces? Imagine that.
ReplyDeleteXLU/SPY (wkly) - Early signs
ReplyDeletehttps://www.mediafire.com/view/d4hgajba6bp6lyx/XLU-SPY.PNG/file
Summation Indexes -
ReplyDeletehttps://www.mediafire.com/view/66yn5b8w8pwrmgx/Summation.PNG/file
SPX/VIX (dly) - Has the SPX peaked vs the VIX? Comments welcome.
ReplyDeletehttps://www.mediafire.com/view/qf52xhf9qlwg59s/spxvixd.PNG/file
A new post is started for the next day.
ReplyDelete