Monday, March 14, 2022

Lower High, Lower Low, Lower Close Day on ES

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

29 comments:

  1. Good insights, thanks!

    Along 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.

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  2. Thank you, Qqq hit lower daily BB today

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  3. The death cross made on the Nasdaq back in Feb. had now occurred on both the S&P cash and futures. Just an observation.

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  4. SPX (cash) - Stockcharts "Bearish Price Objective" -

    https://www.mediafire.com/view/ywm8ma74u6c638e/spxtargets-overlay.png/file

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  5. WTI - update

    https://invst.ly/xnskb

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    1. Please show us your chart of SPX motive wave off the bottom. Thanks

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  7. NQ 5 mins showing 5 waves up so far.
    http://tos.mx/orVZThZ

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    1. Higher low & higher high now.
      http://tos.mx/zTcs7Hs

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    3. In a 4th wave, may be a triangle in progress.
      http://tos.mx/HhWcOt2

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    4. Ending diagonal for c wave in 4th ?
      http://tos.mx/xHRgx6w

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    5. Now above prior fourth wave.
      http://tos.mx/repNl4b

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  11. The 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.

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    1. Stop 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.

      TJ

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  13. SPY - current

    https://invst.ly/xo14t

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  14. GLD - current

    https://invst.ly/xo26t

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  15. TJ,
    Would 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/

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  16. Courtesy of SentimenTrader - No "90"s

    https://www.mediafire.com/view/k7ac3ba6esn8jkr/no90s.PNG/file

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  17. SPY - update

    https://invst.ly/xo2w9

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  18. SPXcfd - While doesn't look likely, looks possible - (candles)

    https://www.mediafire.com/view/ig82wnv1clk1xw3/Salvage.PNG/file

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  19. 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.

    https://www.tradingview.com/i/sm8lY6rM/

    https://www.tradingview.com/i/sm8lY6rM/

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  20. 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.

    TJ

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