Overnight the ES futures were lower. Eventually they made a 1.618 extension, then upwardly overlapped the first wave down, nullifying the fourth wave of a potential impulse count down. The chart of the ES 4-Hr futures is below. Price got down to the mid-line today.
Shown on the chart is the time taken by the fifth wave to form IF it has ended where shown (there IS a probability of a triangle here, so take it with a grain of salt). Thus, we show the time allotted if the down wave is to break the (ii)-to-(iv) trend line in less time.
Be very cautious in the currently whippy conditions. Have an excellent start to the evening.
TraderJoe
potential count if we consider a triangle. The e wave avoids the overlap problem just by a hair.
ReplyDeletehttps://www.mediafire.com/view/1nj7s44r5xxdath/Triangle.jpg/file
Not very likely due to degree violation: your claimed smaller degree 'a' of triangle is much, much larger than the claimed larger degree wave 2; the prior higher degree wave in the same direction. TJ.
Delete..also see below @ 2:06 pm. TJ.
DeleteI forgot to footnote the chart. It's 30min /ES chart.
ReplyDeleteES 30-min: as far as I can tell, this is the only way to avoid degree problems in a down count at the moment. Waiting for the sideways mush (possibly a triangle) to end.
ReplyDeletehttps://www.tradingview.com/x/HRJusjOQ/
TJ
ES 30-min: up wave now past 'time-equality' with total down wave.
Deletehttps://www.tradingview.com/x/IuflrXGf/
TJ