ES futures broke the upper parallel trend today on the 4-Hr chart, as below. In doing so, price got over the (e) wave of the prior triangle, and during the day briefly also broke the (a) wave of that same triangle upward.
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| ES Futures - 4 Hr - Upward Break |
If there is truly another minor truncation at the low, then the level of the low should not be exceeded lower before there is a new all-time high.
At the end of the day, the futures were giving some indications of a retrace having been started, but the hard part is to know what type and style of retrace would occur, and how low it will go. Certainly, the parallel can be back-tested. That would be an event to watch for. And certainly a retrace can include a flat wave that goes over the high, yet again.
Remember, a new all-time higher-high would be needed to start counting a diagonal fifth wave upward. We don't have that yet. So the March high is 1/A, and if the April low (yesterday) holds, it is 2/B.
Have a good start to the evening.
TraderJoe
XLE (wkly, (1x3)) Combo -
ReplyDeletehttps://www.mediafire.com/view/ys513o2tfe6m2ea/XLEcombo.PNG/file
Thanks for showing the 2017 highs I didn't zoom out enough. Long as those October highs hold uptrend is intact IMO.
DeleteMessy is right. Almost looks trend less. Thanks for the update.
ReplyDeleteDJI (wkly,(250x3)) - working together
ReplyDeletehttps://www.mediafire.com/view/7pffrzgjh0ne6uj/DJIcombo.PNG/file
ES (5x3) - early look
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👍 the 4500 - 4570 range will be telling.
DeleteWatching for a possible TBBO 1st sell (4430)
DeleteGood morning all. In trying to 'synch' cash and futures, there appears to be a battle brewing at 150%.
ReplyDeletehttps://www.tradingview.com/x/iLgo5UuC/
The count off the bottom appears to be an expanding diagonal in futures - thus the multiple bottoms. Last night's decline was relatively 'short in time' compared to the length of the up wave. But, there IS a way to see either five-waves-up or a flat in progress to extend the length of the fourth wave in futures.
TJ
..now downward overlap on (iii).
DeleteTJ
..fyi .. that 150% level was also the R1 daily pivot to a close approximation.
DeleteTJ
Here is that overlap on the ES 30-min intraday wave counting screen, with updated local fractals. This suggests monitoring the high to see if a retrace holds within the high.
Deletehttps://www.tradingview.com/x/JlDwrpkp/
TJ
ES/SPY have the lower low.
DeleteTJ
ES (5x3) 1st sell -
ReplyDeletehttps://invst.ly/xyyor
SPY 15-min: at the moment, it may make sense to count both cash & futures in the same manner (the blue count on futures).
ReplyDeletehttps://www.tradingview.com/x/mq2yr5Cz/
If there is a higher high, then either a larger flat will result for more 'time' or the up wave will be the extended first wave of the move, as the retrace is less than 38.2%.
TJ
A new post is started for the next day.
ReplyDeleteTJ