There are the signs of a down trend. (Please note this chart lags a bit on the day and does not represent the cash close or futures close, yet). Still, the weekly chart notations indicate why the chart is considered as it is right now.
The futures and cash markets are whipping around quite furiously these days. And while volume to the down side has approached or is approaching 1:8 or 1:10, the advance decline ratio on the NYSE is more muted. It would not be out of the realm of the ordinary for price to come down and touch a parallel, in the area of a prior 4th wave.
The alternate for the count remains (1),(2),(3) but, again, there is currently a near equal relationship between (C) and (A) at this time.
Have an excellent start to the evening.
TJ
CL (2day) - update [if interested]
ReplyDeletehttps://www.mediafire.com/view/x717tqkk6j6m3tt/CL3PDh.PNG/file (click to sharpen)
Wondering if we are not in 4 of a contracting diagonal on ES since the high? Seems to fit the EWO.
ReplyDeleteWondering the same. But a wave two doesn't quite have a 62% retrace. And from what I can see a hard invalidation would occur above 4,649.50.
DeleteTJ
Invalidated, need some more candles.
DeleteTJ, trying to rule out wave counts. Does my following logic make sense?
ReplyDelete-- (i)-(v) count unlikely, as there is no (iii) vs (v) divergence on the oscillator
-- Alternate 1 count is possible provided current _ii_ now in progress does not exceed ii in time and price.
-- Alternate 2 count (leading 5:3:5:3:5) unlikely as channels more than it wedges.
https://imgbox.com/tUFfml3P
ALT 1 - not likely as the claimed smaller degree i is larger than claimed larger degree (i). This violates the definition of degree.I'm not taking time to analyze the rest.
DeleteTJ
DJI & DJT (mthly) - Candle patterns
ReplyDeletehttps://www.mediafire.com/view/h0zp10jrboc1uw4/DJIDJTm.PNG/file
SPXcfd (4hr) Possibility (currently) -
ReplyDeletehttps://www.mediafire.com/view/o8t4nopd8tjcfd9/expdiagdzz.PNG/file
SPY 30-min: this is what I see in cash, so far.
ReplyDeletehttps://www.tradingview.com/x/IQnFS9Ey/
TJ
I am tentatively seeing an impulse to complete c of (b) in ES, and a expanding diagonal to complete c of (b) in SPY.
Delete..for that would be best for ES to cross 4,623, lower, for >62% retrace for a fourth wave of five of c.
DeleteTJ
..there is 4,423, but now price is lower than 4,616, so that expanding diagonal possibility vaporized.
DeleteTJ
typo in 12:56 post?
ReplyDeleteshould be 4,623 not 4,423
yea .. sorry ..fat fingers..
DeleteTJ
ES 5-min; downward wave 'is' impulsive and has broken the low. Footie time.
ReplyDeleteTJ
Can't the 'b' wave of a diagonal zz be a flat? If so, exp diag on cfd has nearly reached where 3rd = 5th, so not much more to go.
ReplyDeleteYes, it can provided it is a clear zigzag with a-b-c and b is the flat, and c is lower than a.
DeleteTJ
A new post is started for the next day.
ReplyDeleteTJ