The case for the Minor B wave at the high got a little stronger with the lower daily low today. Although today's initial internal waves were tortured and twisted (good pre-Halloween theme?) prices let loose at the end of the day and broke a revised base channel downward. This after further upward corrective waves refused to go over the 62% retracement in a failure, as below.
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| ES Futures - 30 min - Waves i & ii |
Now we need to see if the prior wave (iv) is broken lower. If it does it would add to the evidence for this case. Within wave ii, the internal sideways triangle portion of the correction, may be correcting for the internal degree violations in time.
Have an excellent start to the evening.
TraderJoe
4hrcfd - before trading resumes -
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Gold (mthly) - Current observations [if interested] -
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Good morning all. Here is the ES 30-min intraday wave counting screen with updated daily pivots and local fractals.
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The immediate question is whether this wave proceeds up further or not. If it goes too far, it might invalidate a i, ii, ((i)), ((ii)) count lower.
TJ
ES 30-min: yup nested one,two's invalidated at the open by crossing 4,565. The second wave two would be longer than the first.
DeleteTJ
ES 30-min: only way lower is now by diagonal, yet again, or by a Flat if this is minute wave ((iv)) in the alternate. Upward retrace is now > 62% of entire down move.
DeleteTJ
ES 30-min: the downward wave count - so far - is best described by a,b,c as shown on the chart update, below.
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A downward count does not resume until and unless yesterday's low is taken out lower.
TJ
Lol! Looks like Mr. Market will oblige with that 4600.00 tag! That should do it methinks...pattern has been in play for some time...
ReplyDeleteGOOG (195m) - Unresolved -
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SPY (30m) Morning Kicker -
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With the opening up candle, RSI HD was "set". The target area is 460.33 (not shown on chart above). It remains intact unless/until price closes below yesterday's e.o.d. close.
DeleteSPY 15-min; currently three-waves-up, and downward overlap. Not fatal. Just interesting.
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TJ
SPY 5-min: crazy - bulls can look for a triangle; bears can look for a diagonal.
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The triangle would be better if it crossed ES 4,574.50 level.
TJ
just fyi..diagonal busted.
DeleteTJ
..just fyi - price reaches the 90% level needed for a Flat wave.
DeleteTJ
SPY 30m - current
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