Friday, August 5, 2022

Medium Range Picture

Don't lose sight of the ES 4-Hr chart. We were expecting contact with the EMA-34, and this morning's Payroll Employment Report provided that (+528 vs +250 expected).

The red alternate count below is for the wedge count. It could still come to pass.


Allowance should still be made for a 38 - 50% wave (iv) - only 23.6% so far. Allowance should also be made for the EWO to approach the zero line again (+10% - 40%). Possibilities for wave (iv) include:

  1.  Expanded Flat
  2.  Running triangle
  3.  Expanding triangle
As usual, a larger wave (iv) would be ruled out if wave (i) is overlapped downward.

Have a good start to the day.
TraderJoe

25 comments:

  1. Already bought up quite a bit, another fast C (of 4) likely. Thank you

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  2. Thanks TJ, a consistent resistance and support in this 4190-4070 range from June.

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  3. The hot jobs number has the bond market pricing in another .75 rate hike in September

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  4. Light Crude (wkly)(1x1)- current (click to sharpen)

    https://www.mediafire.com/view/tipsrkm3lhv6gpe/clwtic.PNG/file

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  5. ES (5x3) - current

    https://tvc-invdn-com.investing.com/data/tvc_2a86b2c0e57b1e7392dd25f26a57e2c2.png

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  6. ES 1-min: those looking for an up wave might want to see if this potential expanding diagonal can make a higher high. There is already required distance and length for the overlap of ((4)).

    https://tvc-invdn-com.investing.com/data/tvc_4ec9c35f610ff07c67eda7be41b6f144.png

    Otherwise, maybe just a corrective wave (i.e. a two, four, or b).
    TJ

    ReplyDelete
    Replies
    1. The wave ((2)) low should not be violated. TJ.

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    2. follow-up; higher high; pattern needs to get over 4,136

      https://tvc-invdn-com.investing.com/data/tvc_e0641d3c459bd55b138df50714627b08.png

      TJ

      Delete
    3. ..pattern just exceeded 4,136; so an expanding diagonal is a valid candidate; may also go longer in time and price. Don't you love how they 'sneak' these things off the bottom with no divergence? TJ

      Delete
  7. GDX - a quick check [if interested]

    https://www.mediafire.com/view/01bkczycnk2hfn3/gdxboth.PNG/file

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  8. Replies
    1. Thanks Walter. Unfortunately, a "B" wave retrace can be literally 'anything' including a Flat, except for going below today's low.

      https://tvc-invdn-com.investing.com/data/tvc_cb6af98695a28a60e5eae2b090002fa7.png

      TJ

      Delete
    2. ..and over the top for a possible flat/series of flats. TJ

      Delete
  9. Here's the last update on this time scale.

    https://tvc-invdn-com.investing.com/data/tvc_8ef27193c7236346ae1bbb99583f9705.png

    TJ

    ReplyDelete
    Replies
    1. ..there is a hit on 38.2%+ confirming correction. Can be over or can go lower. It's a 'b' wave; "no telling". TJ.

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    2. Algo's have not decided which way to go before the weekend.

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  10. Aside - GS - as noted in July, GS is an important stock within the Financial Sector.
    Current update to July post -

    https://www.mediafire.com/view/j4ygc4eeozqo4pk/GSupdate.PNG/file

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  11. SPY cash - 15 min : trend lines are still tentative. Remember the opposite of a triangle (until the triangle is proved) can be a diagonal, most likely, or a 1,2,i,ii.

    https://www.tradingview.com/x/b0DaURUR/

    TJ

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  12. F (dly) Livermore's accumulation cylinder? - (old school)

    https://www.mediafire.com/view/r710xdykrv86m3z/FAccumCyl.PNG/file

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  13. SPX (50x1) - Up against it -

    https://www.mediafire.com/view/y42s5d87ggaipt1/spx50x1.PNG/file

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    Replies
    1. Ive added the RSP for comparison -

      https://www.mediafire.com/view/119mnq4drrz7ncf/spxrsp.PNG/file

      Delete
  14. New Highs - New Lows (avg) -

    https://www.mediafire.com/view/zxxgc8rg3mn232v/H-Lavg.PNG/file

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  15. Reg div (hidden)s and PnF working together - [if interested]

    https://www.mediafire.com/view/z2aa3pme5gq2oa8/AVTEboth.PNG/file

    https://www.mediafire.com/view/ky4tbieszqy4b9x/LUMNboth.PNG/file

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  16. There is a new post started for the next day.
    TJ

    ReplyDelete