This count continues to have the right look at the moment. Today was further upside and is now over the prior fourth wave.
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| SPX - Daily - Truncated Diagonal? |
The daily MACD has a higher low than prior down waves and has curled up. There is nothing yet to say that downward counting should resume - meaning we don't know the recent up trend is over. If we look at a shorter term SPX cash 15-minute chart, it looks like a third shorter wave up.
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| SPX - 15min - Potential Third Wave |
So, it could be the extended first wave scenario again - but we need to see whether overlap occurs or not. Maybe it is yet another diagonal in formation - or maybe a diagonal in futures, and it will impulse in cash. Hard to say just yet, and tomorrow is Friday.
We're still monitoring the potential daily expanding diagonal doward, via the comments in the prior post, and if a much higher wave forms tomorrow it might exceed the upper expanding down trend line. We'll update as more becomes apparent.
Have a good start to the evening.
TraderJoe
SPXcfd - (hrly/15m) short term look -
ReplyDeletehttps://www.mediafire.com/view/1cz3k6u7e6z58n4/Of_some_degree.PNG/file
I don't know statistically how often 'diagonals' expand outwards into channels or larger diagonals but the number is significant enough to consider this one will perform the same maneuver. The current high on the chart [Jan '22] has a potential aligned trend line with one other closing price plus possibly the current one creating a larger diagonal structure.
ReplyDeleteSPXcfd - (hrly/15m) - update to prior
ReplyDeletehttps://www.mediafire.com/view/em1o39w6k9j2wc8/morning_look_1-15.PNG/file
SPX 15-min: there is very little to go on yet. Smaller degree five-down off of the high, but that's about it. A retrace would need to hold the high or it's just the 'c' wave of a flat.
ReplyDeletehttps://www.tradingview.com/x/I3jj831o/
TJ
SPY / ES 5-min: that's a little better; down below 4,4400 ES.
DeleteTJ
SPY / ES 5-min; three clear waves down, then upward overlap. Same-o; watch for triangle, flat or diagonal from the high.
DeleteTJ
SPY - current 444 next target area, top of channel
ReplyDeletehttps://invst.ly/xp66e
444 reached. Next up, 446.50.
DeleteAlso currently at MM out of the flag (pennant) on chart.
DeleteSPX 15-min: still nothing much, yet.
ReplyDeletehttps://www.tradingview.com/x/Vv9FhNBC/
TJ
SPY (dly) - Key TL tagged
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SPXcfd (hrly) - HD missed earlier has played out - (candles)
ReplyDeletehttps://www.mediafire.com/view/3n7it9q2531yg71/cfdhrly%25282%2529.PNG/file
https://schrts.co/MHNnhrTg
ReplyDeleteGW - price target 4999
SPX (cas) - Here's what I'm seeing. :o)
Deletehttps://www.mediafire.com/view/9kpknirplitpqkr/50X3SPX.PNG/file
Addendum: The 50pt box "fits" current pricing. At the pandemic low, a 20pt box would have been more appropriate. A 100% low pole, triggering DTBO or the 1st subsequent pullback with ensuing DTBO would have put one in at 2480, 2520 respectively (just for reference).
DeleteBPI for SPX -
ReplyDeletehttps://www.mediafire.com/view/ysr3gejddr7jp12/BPSPX%25283%2529.PNG/file
NDX/CRB - (dly) The turn [if interested]
ReplyDeletehttps://www.mediafire.com/view/b9oa28hqxjk548b/NDXCRB.PNG/file
$BPNYA - the broader market is still on Bear correction status. A little work to do
ReplyDeleteto turn bullish. A positive is the recent DB, and is above 50%.
https://www.mediafire.com/view/iub6q1caai2jdhh/BPNYA.PNG/file
Gold as I see it.
ReplyDeletehttps://imgur.com/DK56TFd
Certainly possible.
DeleteTJ
Monitoring soybean triangle
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Breadth Thrusts - Courtesy of All Star Charts
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👍
DeleteHang Seng (mthly) - update to last Dec post -
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Up at least 1% each of last 4 days - to '28
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A new post is started for the next day.
ReplyDeleteTJ