We don't know for sure what's next. But today the ES futures made multiple bottoms today between 4,355 and 4,360. Why that should be so might be a clue. There is also divergence on the ES 4-Hr RSI, as below. The EWO diverges as well but is not as crisp.
 |
| ES Futures - 4 Hr - B Wave? |
If the downward wave is over, the count is so messy that it might be a B wave. The best thing one can do is to look to see which trend line of the parallel is broken - upper or lower - and see if it back-tested or not. Since this is a 4-Hr chart, that might take some time.
Earnings are swinging into gear and this is a location for quite a bit of volatility.
Have an excellent start to the evening.
TraderJoe
ES (5x3) - Bullish catapult watch -
ReplyDeletehttps://invst.ly/xy8yq
Catapult now in place -
Deletehttps://invst.ly/xya54
That sure worked out well.
DeleteWednesday is a fib turn date. Of course it could have turned today with the positive divergences we have seen.
ReplyDeleteExcerpt from SentimenTrader (free email) -
ReplyDeletehttps://www.mediafire.com/view/5m2d1zbx6o7qye8/Split.PNG/file
VIX - (.5x3) - Contracting (pennant/triangle) in 22 area
ReplyDeleteES - (5x3) - update
ReplyDeletehttps://invst.ly/xyh-c
From the candles perspective - (2hr)
Deletehttps://www.mediafire.com/view/6h40w0e29e7a0sh/2hrcandles.PNG/file
Anyone else notice that the price action since the beginning of April is a very very similar analogue to the price action since the beginning of Jan, except wrapped up in a smaller degree? Pretty fascinating.
ReplyDeleteSPY 5-min: such a weird wave. A 100% second wave (minus -0.01). A 1.618 up wave. And the length criteria for a diagonal off of the top have been met as ((5)) is now longer than ((3)) in price. It could take longer and go deeper, but not above ((4)).
ReplyDeletehttps://www.tradingview.com/x/NfSp5uHU/
TJ
SPY now over the prior high. Likely in a fifth wave.
Deletehttps://www.tradingview.com/x/DMltVoiR/
TJ
A decent looking wave with a divergence on the RSI. The down wave in futures is now longer than 'c' of (iv), with a trend line break in the SPY, so a degree change may be occurring.
Deletehttps://www.tradingview.com/x/9y0A3uYy/
TJ
ES (5x3) - [potential] "sell" in process
ReplyDeletehttps://invst.ly/xyl7d
A new post is started for the next day.
ReplyDeleteTJ