It's not for sure yet, but after the marginal higher high - which we said could happen either after a triangle or as part of an expanding diagonal fifth wave - prices staged a bit of a turn-around lower but, as of yet, have had a fairly mild decline. In the ES 4-hr chart, below, I would be watching for a significant break of the lower trend line, as well as a back-test - and then to see if that back test fails lower.
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| ES Futures - 4 Hr - Hugging Lower Wedge Line |
Yes, there is a way to count that we have temporarily topped in the SPY and the ES futures. That is all.
Have a good start to the evening.
TraderJoe
Thanks for your Great Work TJ - and patience coaching.
ReplyDeleteI've been patiently watching a very close cluster in the YM continuous futures:
January 2021 range (1434) times 3 added to January high = 35490
March 2020 low to June 2020 high (9538) times 1 added to October 2020 low - 35491
Very interesting! For other reasons,short term chart suggesting at least 35,300 imho and I think we hit that level tomorrow. Either way, revetsal should be signal as divergences continue to steepen...
DeleteJoe
ReplyDeleteLooks like that uptrend line already broke and the pull back move was
done at the high of the day---remember I said 4445 a few days ago ?
Hrly - morning look -
ReplyDeletehttps://www.mediafire.com/view/k4zzxus2mmy9adt/hrlyBI.PNG/file
10yr yield - holding currently -
ReplyDeletehttps://www.mediafire.com/view/j1clbbr0kfe7q2q/10yr.PNG/file
This time could be different, but every time the fed has ended QE rates have gone down. Just the talk of tapering brought it down to 1.12%
DeleteWRONG WRONG WRONG
ReplyDeleteSTRAIGHT UP JOE
More disparity - Courtesy of SentimenTrader - (if interested)
ReplyDeletehttps://www.sentimentrader.com/blog/a-historic-split-between-haves-and-have-nots-on-the-nasdaq/
The Bogus B-wave continues higher and higher.
ReplyDeleteS&P500 to 5000 by end of year, Bitcoin to 220K.
Good morning all. Cash SPY continues to tell some fairy tales. It did not show last night's low in the futures, which we said - based on degree labeling - would only be three waves down (like a-c; 'possibly i-iii of diagonal'.).
ReplyDeleteNow it is down to 62%. And I think the low would have to be taken out for anything significant. Possible? Yes. Definite. No.
https://www.tradingview.com/x/Xrj6isXa/
TJ
SPY 5-min: this morning's cash gap closed.
Deletehttps://www.tradingview.com/x/fEimI9JW/
TJ
Hrly - update
ReplyDeletehttps://www.mediafire.com/view/trnerd6i01tikzm/hrly2b.PNG/file
SPY 5-min: labels in red are tentative. Watch that red (B) wave low. It is very, very, hard to count the internals of that wave, so right now it is a (B) wave.
ReplyDeletehttps://www.tradingview.com/x/9zs5OuDR/
TJ
https://www.tradingview.com/x/ddT0UKh9/
ReplyDeleteTQQQ is back testing the 30 minute 200 HMA Daily close line. A failure to recover above this line will likely lead to an acceleration down and a break of the channel which has contained the upward movement of prices since May 12th, 2021.
https://www.tradingview.com/x/9zs5OuDR/
DeleteSomeone steps in with a surge of buying volume at 1:02 PM to save the day. Surprise!
https://www.tradingview.com/x/cBB5gj2A/
DeleteSorry wrong chart link above - here's the right one.
SD - I believe your RSI low (just before 13:00) is lower than the 12:18 low, but price closes were higher. HD, suggested a retest of 12:34 high close. An alert at least. (fwiw) :o)
DeleteYes and now prices have dipped back below the line - nice call GW. We'll see how the afternoon session goes.
DeleteMore DJIA flagging price action so overhead 35500 may be a magnet, although measured target for current flag a bit higher.
ReplyDeleteWRONG
Deletenot a bit higher ..... MUCH higher
above 36000 for starters
https://i.gyazo.com/6b159ee6696bea792cbac3ac8a6b1712.png
Deletehttps://12345abcdewxyz.files.wordpress.com/2021/08/20210807-djia30.png
DeleteFor starters, your 5 waves up to 5 (1) has a little problem.
DeleteWhat problem? Let's discuss.
DeleteIf you dont see it, that tells me what I need to know. :o)
DeleteGreywaver, are you ready for DOW 40K by Christmas..?
Deletehttps://12345abcdewxyz.wordpress.com/
I'm done here. One jackass should not be permitted to disrupt intelligent public discourse. I'm gonna really miss the blog...
ReplyDeleteTJ should be able to block anyone he wishes. Maybe it doesnt work that way?
DeletePatience Tachy, There's no better place to watch and plot the nearest equivalent to the tulip mania or the Mississippi bubble.
Deleteyou have been WRONG WRONG WRONG with your top picking nonsense tachy
Deleteare you bankrupt yet ?
At what point do you stop calling it a B-wave...?!
Deletehttps://i.ibb.co/9qP5Wn9/BogusB.png
Interesting pattern on the cash close.
ReplyDeletehttps://www.tradingview.com/x/C9rtOob9/
TJ
Much appreciated TerryO. 40K I made today on MRNA puts lessens the angst. lol! I hope for the blog's sake T.J takes out the trash. Take care bud! 😊
ReplyDeleteNo problem Tachy... and congrats.
DeleteThere is a new post for the next day. Comments are back on moderation. Be patient.
ReplyDeleteTJ
Good morning all. ES 15-min. Possible triangle, diagonal (or lastly top) at this location. It is possible for it to break down once to make a larger triangle.
ReplyDeletehttps://www.tradingview.com/x/Lt7qWpJJ/
TJ