The potential diagonal(s) we have been describing - this contracting one, shown below - and the Expanding one shown on the ES 8-Hr chart continue to remain valid wave possibilities.
While we must be on alert for the case where the fifth wave of a diagonal '(C)' wave truncates, so far there is no evidence of that. The MACD indicator has now made a lower low on the cash chart. This might be considered a 'warning' for the contracting diagonal. And it might warn that the expanding variety - shown in previous posts - has an opportunity to play out.
On the daily Bollinger Band chart, the slow stochastic is not yet in over-sold territory, and price has not yet again contracted the lower daily Bollinger Band.
Have an excellent start to the evening.
TraderJoe
Good insights, thanks!
ReplyDeleteAlong those lines, per the Cfd, 5th would have to exceed 3934.50 (where 3=5). This is just shy of another 6% decline from today's close.
Thank you, Qqq hit lower daily BB today
ReplyDeleteThe death cross made on the Nasdaq back in Feb. had now occurred on both the S&P cash and futures. Just an observation.
ReplyDeleteSPX (cash) - Stockcharts "Bearish Price Objective" -
ReplyDeletehttps://www.mediafire.com/view/ywm8ma74u6c638e/spxtargets-overlay.png/file
WTI - update
ReplyDeletehttps://invst.ly/xnskb
This comment has been removed by the author.
ReplyDeletePlease show us your chart of SPX motive wave off the bottom. Thanks
DeleteThis comment has been removed by the author.
DeleteNQ 5 mins showing 5 waves up so far.
ReplyDeletehttp://tos.mx/orVZThZ
http://tos.mx/Orqh0zj
DeleteHigher low & higher high now.
Deletehttp://tos.mx/zTcs7Hs
This comment has been removed by the author.
DeleteIn a 4th wave, may be a triangle in progress.
Deletehttp://tos.mx/HhWcOt2
Ending diagonal for c wave in 4th ?
Deletehttp://tos.mx/xHRgx6w
Now above prior fourth wave.
Deletehttp://tos.mx/repNl4b
This comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThe market usually rallies into a fed meeting. I think we better get used to high VOL this year as the fed starts a hiking campaign and reducing the balance sheet. Wild swings in both directions which is great for traders. I will not be surprised to see the VIX in the 40’s and a 90% down day coming before we bottom.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteStop marking up my charts. They are copyrighted and not for your use. Use your own charts. If you do not stop, your posts will not be allowed.
DeleteTJ
SPY - current
ReplyDeletehttps://invst.ly/xo14t
GLD - current
ReplyDeletehttps://invst.ly/xo26t
TJ,
ReplyDeleteWould this Triangle work for the Expanding Diagonal? If it does and we do make a lower low the depth of wave 5 should decide which count is correct.
https://www.tradingview.com/i/QGyZbKVx/
Courtesy of SentimenTrader - No "90"s
ReplyDeletehttps://www.mediafire.com/view/k7ac3ba6esn8jkr/no90s.PNG/file
SPY - update
ReplyDeletehttps://invst.ly/xo2w9
SPXcfd - While doesn't look likely, looks possible - (candles)
ReplyDeletehttps://www.mediafire.com/view/ig82wnv1clk1xw3/Salvage.PNG/file
You beat me to the punch. There's several different ways to count this in the SPX. After I posted my earlier post I realized todays rally could be a c wave of a triangle. And I also noticed a possible barrier triangle in the ES.
ReplyDeletehttps://www.tradingview.com/i/sm8lY6rM/
https://www.tradingview.com/i/sm8lY6rM/
A new post is started for the next day. Comments are temporarily back on moderation. It may take me a new minutes/hours for approval with the FED meeting tomorrow.
ReplyDeleteTJ