This count includes the proposal by contributor Greywaver of how the fifth wave could be forming. The overall proposal of the first wave being the extended wave remains as it was.
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| ES Futures - 2 Hr - Wave v in Progress? |
Greywaver's proposed expanding diagonal follows the rules in all of their details. And, as he says, if it is truly an ending diagonal, it should be retraced in less time than it took to form.
Tomorrow is the Payroll Employment report, followed by the fourth of July holiday in the U.S.
Have a great start to your evening.
TraderJoe
Perhaps it is an elementary question, but as with extended third waves often have a smaller extended third wave in them, can we say the same thing about first waves? That this extended first wave of an impulse wave we are counting might likely be the extended first wave of a larger impulse? If so that might allow the Dow to complete a WXYXZ over the all time high, assuming no failure waves. ES has a key .68 extension off of it's X low, the level being 4335.5
ReplyDeleteyes, that can be the case.
DeleteTJ
If the exp diag. is still in play, wave (v) has now reached (iii) x 1.618.
ReplyDeleteES 1-hr: at the high wave ((5)) of v = 1.618 x wave ((3)) of v. Just fyi -
ReplyDeleteTJ
Hrly update -
ReplyDeletehttps://i.postimg.cc/4NZ88gzS/Hrly.png
https://www.tradingview.com/x/kwDSyvkY/
ReplyDeleteWithout labeling the low or speculating what waves have occurred or which we are in currently there is a relationship being hit in the S&P right now. The current wave which began in March 2020 has reached .786 % of the wave or waves which began March 2009 at 666.79 and ended in February 2020 at 3393.52. The .786 extension of that entire distance starting at 2191.86 in March 2020 comes in at 4335.07.
https://www.tradingview.com/x/DvxVPL18/
ReplyDeleteProgress of the Nasdaq. Unless it's about to go full parabolic it seems there should be an end to this current wave up soon.
Are we still in b wave?
ReplyDeleteJust fyi - declining stocks outpacing advancing, especially on Nasdaq.
ReplyDeleteThank you for the update TJ and have a great weekend!
ReplyDeleteStocks above their 50ma is around 53%
ReplyDeletefyi - there is now a length violation (v > iii) which I will correct in the next blog update. (i) most likely ended earlier - on 28 June with (ii) a larger flat to 30 Jun. Again, will be updated tonight or this weekend.
ReplyDeleteNew closing high for the Dow finally.
ReplyDeleteThere is a new post started for the next day.
ReplyDelete