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:
- Expanded Flat
- Running triangle
- 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
Already bought up quite a bit, another fast C (of 4) likely. Thank you
ReplyDeleteThanks TJ, a consistent resistance and support in this 4190-4070 range from June.
ReplyDeleteThe hot jobs number has the bond market pricing in another .75 rate hike in September
ReplyDeleteLight Crude (wkly)(1x1)- current (click to sharpen)
ReplyDeletehttps://www.mediafire.com/view/tipsrkm3lhv6gpe/clwtic.PNG/file
ES (5x3) - current
ReplyDeletehttps://tvc-invdn-com.investing.com/data/tvc_2a86b2c0e57b1e7392dd25f26a57e2c2.png
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)).
ReplyDeletehttps://tvc-invdn-com.investing.com/data/tvc_4ec9c35f610ff07c67eda7be41b6f144.png
Otherwise, maybe just a corrective wave (i.e. a two, four, or b).
TJ
The wave ((2)) low should not be violated. TJ.
Deletefollow-up; higher high; pattern needs to get over 4,136
Deletehttps://tvc-invdn-com.investing.com/data/tvc_e0641d3c459bd55b138df50714627b08.png
TJ
..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
DeleteGDX - a quick check [if interested]
ReplyDeletehttps://www.mediafire.com/view/01bkczycnk2hfn3/gdxboth.PNG/file
Amazing work, ET
ReplyDeleteThanks Walter. Unfortunately, a "B" wave retrace can be literally 'anything' including a Flat, except for going below today's low.
Deletehttps://tvc-invdn-com.investing.com/data/tvc_cb6af98695a28a60e5eae2b090002fa7.png
TJ
..and over the top for a possible flat/series of flats. TJ
DeleteHere's the last update on this time scale.
ReplyDeletehttps://tvc-invdn-com.investing.com/data/tvc_8ef27193c7236346ae1bbb99583f9705.png
TJ
..there is a hit on 38.2%+ confirming correction. Can be over or can go lower. It's a 'b' wave; "no telling". TJ.
DeleteAlgo's have not decided which way to go before the weekend.
DeleteAside - GS - as noted in July, GS is an important stock within the Financial Sector.
ReplyDeleteCurrent update to July post -
https://www.mediafire.com/view/j4ygc4eeozqo4pk/GSupdate.PNG/file
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.
ReplyDeletehttps://www.tradingview.com/x/b0DaURUR/
TJ
..OR .. perhaps the expanding triangle. TJ.
DeleteF (dly) Livermore's accumulation cylinder? - (old school)
ReplyDeletehttps://www.mediafire.com/view/r710xdykrv86m3z/FAccumCyl.PNG/file
SPX (50x1) - Up against it -
ReplyDeletehttps://www.mediafire.com/view/y42s5d87ggaipt1/spx50x1.PNG/file
Ive added the RSP for comparison -
Deletehttps://www.mediafire.com/view/119mnq4drrz7ncf/spxrsp.PNG/file
New Highs - New Lows (avg) -
ReplyDeletehttps://www.mediafire.com/view/zxxgc8rg3mn232v/H-Lavg.PNG/file
Reg div (hidden)s and PnF working together - [if interested]
ReplyDeletehttps://www.mediafire.com/view/z2aa3pme5gq2oa8/AVTEboth.PNG/file
https://www.mediafire.com/view/ky4tbieszqy4b9x/LUMNboth.PNG/file
There is a new post started for the next day.
ReplyDeleteTJ