The count is still proceeding upward as there are no critical downward overlaps preventing such and there are no degree violations at this time. The SPY hourly chart is updated below.
After the employment report came out, prices rose to 4,430 - then backed off to 4,416, then rose again to 4,433, then formed a gravestone doji which was not confirmed lower. Based on this we said we may be in a triangle - with a flat as the alternate - and prices were whippy for the rest of the session. IFF either the flat or triangle turns out to be correct then that wave would likely be micro-((4)) in the futures, with a further higher high ahead in the form of sub-minuette, iii, ahead, as is shown above.
Again, while an alternate of a larger (b) wave is still shown on the chart, we are counting upward until we can no longer. The most likely scenario for the alternate count would be that 'three-waves-up' ends at the wave iii location. But, again, the alternate will not be activated until or unless the low of ii is taken out lower.
Have a good start to the evening and the weekend.
TraderJoe
GDX-GDXJ (wkly) - a seemingly important week coming up.
ReplyDeletehttps://www.mediafire.com/view/yys4mwuaffabr1m/important.PNG/file
A new post is started for the next day.
ReplyDeleteTJ, hope your enjoying your weekend. When you say “larger B wave, are you referring to the expanded flat from the A wave down on 7/19? If so, target would be below 4224 correct?
ReplyDeletehttp://www.pretzelcharts.com/
ReplyDeleteI’m back from vacation and saw this linear chart from another site. Look at Wednesday long term chart. TJ, any thoughts? We’ve finally reached the fib level 4440 I was targeting - now what? So many divergences.
I should add that I always look at log scale charts but found this chart amazing because of the trajectory from last years bottom.
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