Tuesday, September 14, 2021

Grindy & Neutral

The expanding diagonal we called yesterday did indeed turn out to be 'Leading' as there are lower waves after it. A line chart (just to show the form) is below.


With another failure and gap fill after the cash open today prices ground & ground & ground lower. It looks like three waves lower and so - at this point - being around the 1.382 mark as far as closes go, it might be the b-3 wave of a flat. 

I'm not sure, but I am again neutral (after being negative) until I see more. Neutral means I'm looking to the ES 30-minute intraday chart for clues. Certainly, lower lows would tilt the odds to the down side again.

Have an excellent start to the evening.

TraderJoe

14 comments:

  1. Courtesy of SentimenTrader (screenshot from vid) -

    https://www.mediafire.com/view/b5zstrmvbff6reu/Spread20.PNG/file

    ReplyDelete
  2. SPY (wkly) - alerts strengthening -

    https://www.mediafire.com/view/7a9k3fdrwmoto16/spyw.PNG/file

    ReplyDelete
  3. Good morning all. Here is the ES 30-min intraday wave counting screen, with updated daily pivot points (classic calculation) and recent local fractals.

    https://www.tradingview.com/x/cRNryi6z/

    Yes, there is the presence of a diagonal in the overnight.

    TJ

    ReplyDelete
    Replies
    1. First down (red) fractal back has been exceeded lower.
      TJ

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    2. Now .. first up (green) fractal back exceeded higher.
      TJ

      Delete
  4. SPY (60m) - update

    https://www.mediafire.com/view/7jphcw4aoo2mkr9/spy60m.PNG/file

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  5. SPY 5-min: here are some measurements on this 'potential' diagonal. Let's see if the higher high is made or not.

    https://www.tradingview.com/x/tw752ox1/

    TJ

    ReplyDelete
    Replies
    1. SPY & ES: Completed diagonal converts to impulse.

      https://www.tradingview.com/x/8qBoa16q/

      TJ

      Delete
    2. Could an alternate be an abc up with b as triangle?

      Delete
  6. Here's an update on the SPY 30-min. Price has come back to touch an upper parallel. It counts as a-b-c up or w-x-y, up. Either way it's back to the 38.2% Fibo level. Nothing says the wave is done yet.

    https://www.tradingview.com/x/XCbPS8pj/

    TJ

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  7. If your 'C' rebound fools around for a few days in the 4480-4500 range and then peters out, we will have a very nice H&S top in the S&P500 centered on Sep 2. The S&P400 (Midcap) would need a heroic rally to make a strong right shoulder. I don't believe that's in the cards.

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  8. There is a new post started for the next day.
    TJ

    ReplyDelete