In previous posts we noted that the upper daily Bollinger Band might be a target for the Smart Money: those with position sizes large enough to move prices. This morning that target was hit and then some.
Today being Tuesday, prices might 'turn around' some. The question is how much and what it means for a wave count.
Have a good start to the day.
TraderJoe
SPY (30m) - current
ReplyDeletehttps://www.mediafire.com/view/uxu1meggsp5w0yb/spy3019.PNG/file
The NY Composite index hit a new ATH this morning.
ReplyDeleteSPY (30m) - Today's high just 30+ cents from 4.236 ext. retrace fib. (450.65).
ReplyDeleteAn aside when time permits -
ReplyDeleteATT - (qtrly) - Am I anywhere close on this?
Thanks
https://www.mediafire.com/view/7f1wdxrxdj593wo/ATT.PNG/file
not really. .. C of your in 2016 triangle is higher than A of your triangle in 2007 - which breaks the 'rules'. But C of 2016 might better be described as Y of a double-combination. And there are five-waves-down now looking very much like a diagonal.
DeleteTJ
Thanks. Thought that "C" could be an issue, but was close.
DeleteES 30-min: downward overlap on this morning's 4,504 high. Not fatal, yet, but of interest.
ReplyDeleteTJ
SPY (30m) - early sign of turn? Work to do.
ReplyDeletehttps://www.mediafire.com/view/dr2f11qlx1xhuua/SPY30mupdate.PNG/file
ES 10-min: price has gone over the local top again. So actually a diagonal like this is possible. Wave (v) needs to remain shorter than (iii).
ReplyDeletehttps://www.tradingview.com/x/F5H0S64A/
TJ
ES 10-min; now over the top of the wedge again in a likely throw-over.
DeleteTJ
Setting up for an ending diagonal? Will need to show itself but possible way to end the move and hold onto the bearish count.
ReplyDeleteI think one has to be aware that confirmation bias can sometimes blind us to what is actually happening. Many of us had bearish expectations of price, but so far price is saying otherwise therefore it would be illogical not to entertain a more bullish alternative.
DeleteJoe, have just seen your last post. Wasn't trying to take credit. Didn't see your post when I made my observations.
ReplyDeleteNice call ET! I like that nice curve on the stochastic. Maybe a sign of weakness, also a 90% fib target reached.
ReplyDeleteET, Great call on that gold diagonal and retrace!
ReplyDeleteAn aside - REMX (2day) - Looks vulnerable [if interested] -
ReplyDeletehttps://www.mediafire.com/view/ffb18n7yqojrocu/REMX.PNG/file
So the 10min diagonal from yesterday was leading?
ReplyDeleteThanks
i have not studied the count very well, but it does not have to be a diagonal. this market loves running corrections. running corrections & truncations are extremely normal in this bubble
DeleteKAVI
GC 30-min: in GOLD, this correction has a 'fair shot' of playing out. Whether it will or not is another issue. However, there has been one significant wave off the high.
ReplyDeletehttps://www.tradingview.com/x/AfuyxSKN/
SPY (30m) - One possibility -
ReplyDeletehttps://www.mediafire.com/view/auhfu4z3on6p9vc/Spyrev.PNG/file
A new post is started for the next day.
ReplyDeleteTJ