Today's cash close difference in the SPX Daily chart below shows a decline so minor - as of the close - that it is likely to be a day of consolidation.
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| SPX - Daily - Little Change |
On the intraday chart in the comments section for the prior post [see LINK here] we can count only three waves up to today's high: i/a, ii/b, iii/c. But, during the day today it is also fair to say we could only count three-waves down which were shown in great detail as 5-3-5, so far. So, we are waiting to see if that is the extent of a fourth wave in an up count, or if those three waves down begin a triangle, or diagonal - because the amount of time spent in consolidation seems relatively short in comparison to a third wave up, iii/c, on the intraday chart.
If a down move instead begins, such a move would at least likely start with a diagonal given only the three waves down, so far.
Have an excellent start to the evening.
TraderJoe
SPX (cash) and YC update -
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Time to switch to 3m/10y. When that inverts it will be time to get defensive.
DeleteAGI - interesting chart this. [if interested]
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ES 30-min: early morning look. The 90% level of the prior wave has been attained and surpassed, making a Flat for wave iv viable.
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The up wave can go higher, of course, to make either an expanded flat or to form the next impulse upward. IF you 'squint' you can also make a triangle out of the center section, but I think that would be rushing the count as it is not very proportional.
TJ
ES & SPY now well over the high; qualifying for expanded flat or next impulse.
DeleteTJ
NQ 5 mins from the low early morning today.
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Looks like its heading to upper bolinger band on daily.
NQ daily chart.
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first chart; No! claimed smaller degree 'b' can not be larger than claimed larger degree '1'. 1 goes where 'b' is. Improper counting will result in incorrect measurements for extensions and retracements.
DeleteTJ
Ah! Got it ET, thanks for correcting it.
DeleteAround 120 candles on 30 mins chart.
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Nicely fits 1.618 extension now! Thanks again ET.
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yw EDT .. that's the idea,
DeleteTJ
ES - current
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https://schrts.co/VnWfjrKX
ReplyDeleteThe 10 day ROC on SPX & QQQ is not sustainable. However it may be headed for 62% retrace at 4550
ES 30-min: lengths are looking better as the thrust from the awkward overnight triangle. There are degree problems otherwise.
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TJ
Soybean update. https://imgur.com/sKGn0J9
ReplyDeleteA different perspective (fwiw) -
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ES - monitoring closely
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SPY 5-min: here's the up wave before the close. If this turns into a true 'barrier triangle' then wave v might be limited to the length of iii which is shorter than i. Otherwise, there was a failed double-combo and the high is in.
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TJ
ES & SPY over the high.
Delete..now watch the [[E]] wave of that triangle. If the fifth wave wants to extend, then sub-wave two of five must not travel below it.
DeleteTJ
SPY - short term (trap brewing?)
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The SPY & ES both refused to take out that 'e' wave of the triangle. The ES missed it by 3 ticks! Watch in the overnight. Or else, the fitih wave might extend. This really feels like a 'battle of the computers', sheesh.
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TJ
A new post is started for the next day.
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