In the tentative downward count in the SPY cash (30 min) chart below, today was a very sideways affair. There was a lower low in cash. The downward portion of the wave still has a lot of room to move lower if it wishes. Then, the question is whether a fourth wave will hold it's usual wave structure or not.
The Elliott Wave Oscillator has begun moving towards the zero line but hasn't made a zero cross or close approach, yet. As of this writing price is still below the 18-day SMA, and the daily slow stochastic is approaching the over-sold zone. The trend in the daily swing-line is still lower. The 100-day SMA and the lower daily Bollinger band are not too far below the market. Let's see how it goes.
Have a good start to your evening,
TraderJoe
ES 1-Hr: I did not want to bring this up until the wave structure allowed the possibility, but the ES hourly now has the structure to allow the possibility of an expanding triangle fourth wave. A link to the chart is below.
ReplyDeletehttps://www.tradingview.com/x/e09WAJ1E/
In the cash, it may look like an expanded flat, or a w-x-y as some waves are not showing up in cash.
This pattern would be subject to the rules for expanding triangles. This means that 'most likely' the ((E)) wave would be a three-wave sequence (possibly a double-zigzag would be allowed if there is no other complex wave, but it is possible the ((C)) wave is the complex leg. The ((D)) leg can still go lower.
TJ
..note that the time sequences are expanding as well, so far. TJ.
DeleteSPX - 3945 is a important level for this up wave.
ReplyDeleteI have that area marked on my 15 min SPX along with a few areas where it may bounce first. https://www.tradingview.com/x/LLI1mmOh/
Delete200+ SPX points reversed in just a couple days
These guys are starting to roll over from lofty positions
$NYSI https://stockcharts.com/h-sc/ui?s=$NYSI
$BPSPX
A new post is started for the next day.
ReplyDeleteTJ