Today posted some lower lows versus yesterday. We could count a new wave i down as an expanding diagonal which still fits degree labeling because it is shorter in both time and price than all of (a) - the prior higher degree wave in the same direction (down).
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| ES Futures - 8 Hr - Still in A Channel |
Therefore, wave i counts as a valid subwave. It now seems largely a question of whether wave sub-minuette ii finished today or wants to make one more series of highs above today's interim highs. It certainly can do that if it wants, but just not exceed the (b) wave high.
This is also just a reminder than wave minuet (c) can either be an impulse or a diagonal. Why? Because it is in the (c) wave position, and therefore may be either if minuet (a) was an impulse.
The market may be perceived to be moving like molasses to the the down side. I did not order such. It is just what seems to be happening - for now. Regardless, wave iii of (c) should be a fairly dynamic affair if this is counted properly.
Have an excellent start to the evening, and thanks for reading.
TraderJoe
👍 thank you
ReplyDeleteCrude printed a doji today.
ReplyDelete2 Asides - Alcoa looks vulnerable
ReplyDeletehttps://www.mediafire.com/view/ilwbmrqxsue0zuv/AA.PNG/file
Mortgage Rates headed back up?
https://www.mediafire.com/view/t0ff3u78wuls5a4/MortgageRates.PNG/file
Good morning all. ES 30-min: this morning's pre-CPI high makes a better wave ii location (in five-up), and 'may' be a potential failure.
ReplyDeletehttps://www.tradingview.com/x/8A1rMCEN/
It is incumbent upon the cash open to reverse the current candle or go down through the low. This last :5 sequence up, however, does fulfill my minimum expectation for a second wave, ii.
TJ
Is it possible we are still in i of C ?
DeleteES..not likely because of how much 'time' this wave has taken since the 12 Oct low.
DeleteTJ
SPY 30m - 2hrs in -
ReplyDeletehttps://www.mediafire.com/view/emxjjxl1tpqjnve/SPY30m.PNG/file
RSI downward TL broken, and RM back above its slightly rising 10ma.
DeleteCurrently retesting OR high.
DeleteNow retesting yesterday's OR high.
DeleteGOLD 8-Hr: so I'm the chart seems to indicate that if GOLD is going to try any meaningful downside, it should be from 'about' here. There is now a 62% retrace up, of the down wave, and the up move can be counted as a 'three'.
ReplyDeletehttps://www.tradingview.com/x/4ZzRnx6t/
TJ
Thanks!!
DeleteES 1-Hr: this current correction is the longest one in 'time'. Today's low was also a >90% low. And that means a Flat correction, or a 'failed flat' correction is possible.
ReplyDeletehttps://www.tradingview.com/x/RgImWyp8/
TJ
ES 5-min: there's the FED meeting minutes.
ReplyDeleteTJ
..'minimum' Flat requirement has been met, in a near-tie for the high. Now it is just a question of whether the wave fails or not.
DeleteTJ
ES/SPY 5-min: this count currently works on both. It is currently 5-3-5 with a downward overlap, and a nearly equal but slightly longer second -5.
ReplyDeletehttps://www.tradingview.com/x/3c6agGFH/
Maybe a triangle gets it out of a jam. Maybe not.
TJ
..btw .. the first wave shown as blue :5 on the chart is a smaller degree 5-3-5-3-5 leading diagonal.
DeleteTJ
(CNBC)
ReplyDeleteFederal Reserve officials could begin reducing the extraordinary help they’ve been providing to the economy by as soon as mid-November, according to minutes from the central bank’s September meeting released Wednesday.
https://www.cnbc.com/2021/10/13/federal-reserve-releases-minutes-from-its-september-policy-meeting.html
ES 5-min: triangle has busted lower.
ReplyDeleteTJ
Chart..
Deletehttps://www.tradingview.com/x/AiOcIIg2/
TJ
SPY 30m - update
ReplyDeletehttps://www.mediafire.com/view/a15drzhetkybudu/SPY30m2.PNG/file
There is a new post started for the next day.
ReplyDeleteTJ