The counts have not changed. It is 'possible' with today's marginally higher highs to see a wave (v) top nearing, and in the same breadth it is possible to have only the b wave of a potential triangle.
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| SPY - 1 Hr - Wedging Again |
After this morning's initial drop in three waves, the rest of the day was spent in very compressed price movement upward. Earlier in the day, we showed four hourly gaps still open even on this hourly chart. One of the total five gaps has filled.
The up move again occurred on more declining than advancing issues - and markedly more so - on the NASDAQ. Declining volume also outweighed up volume by a fair bit. We have not been able to talk about these internal-type divergences in more than a year.
Have an excellent rest of the evening.
TraderJoe
SPX vs RSP (dly) - What happened on 6/8? :o)
ReplyDeletehttps://i.postimg.cc/nLqZBnmM/SPXRSP.png
TJ
ReplyDeleteTomorrow is a key day...possible it reaches 4380/85 then a reversal
cash
DeleteNYSE Adv/Dec line - Commonly used vs Common only -
ReplyDeletehttps://i.postimg.cc/tTg4GYJw/Both.png
4hr - Early morning look
ReplyDeletehttps://i.postimg.cc/6QDqZH2W/4hr.png
Not shown is a pos. HD that was just reached (and reversed) at last night's peak.
DeleteGood morning all. ES 30-min: Possible (likely) five-wave impulse lower with (4) = (2) in terms of net measurement, and with a potential divergence on the RSI for (5).
ReplyDeletehttps://invst.ly/vdbhn
TJ
Just to clarify, unless your RSI is set to highs/lows, there really isnt a lower close to have a divergence at that point on your chart.
DeleteIf the correction has begun then a target for VIX between 24 - 30 seems probable.
ReplyDeleteSPY 1Hr: Only the second of the five hourly up gaps has closed so far this morning. Obviously leaving a big overhead gap. There is also downward overlap on x(i), so it is likely the up wave is over.
ReplyDeletehttps://www.tradingview.com/x/OgmtZ3UL/
This morning made less than a 38% retrace, so far.
TJ
Do you suspect (Y) ((B)) is over? Or that we have just completed a first wave of five to complete (Y) ((B))?
DeleteTHANKS!
Yes, I suspect that. Also, see comment below.
DeleteTJ
Fyi - just to verify. I checked both cash and futures, and, if the up wave was a diagonal, then the down wave exceeded it in less time than it took to build. That is pretty obvious on the cash chart, but I wanted to check futures, as well.
ReplyDeletehttps://invst.ly/vddq0
Further, Neely counts cash. He likes to start his new counts (lower) when the wave (iv) to (v) trend line breaks in less time than wave (v) took to build. In both cases, again, it does.
TJ
An aside - CRB (dly) [if interested] -
ReplyDeletehttps://i.postimg.cc/RF6P2sGn/CRB.png
Could it be possible, that today's wave down is c = 1,618 * a of (iv)?
ReplyDelete..as stated before, there is overlap at (i).
Delete30min - update
ReplyDeletehttps://i.postimg.cc/FHKX9n5n/30min.png
https://schrts.co/BEYBPzfm
ReplyDeleteWe should see VIX above upper BB (50,2) before October. It’s broken Down TL close only & RSI
ReplyDeleteA new post is started for the next day.
ReplyDeleteLook @ how close we are to a full doubling of the SPX since the COVID lows -- @4378.
ReplyDelete