As per the ES 4-Hr chart, below, prices are still in the upward channel shown. AMZN earnings guidance put a spike down in prices in the after-hours. However, we were providing the suggestion of a downward acceleration channel much before the close of the cash session. See the comments in the prior post. As the initial downward parallel shows, prices did drop sharply below it in the after-hours.
If prices stay in the larger up channel, as we have written before several times, it would be possible to decrease the degree of the waves to a simple a-b-c. But that remains to be seen. The further prices drop below the uptrend channel shown the more the odds tilt in favor of a larger Flat for the minute ((b)) wave, or minute ((b)) wave completion at the prior day's high.
Have a good start to the evening.
TraderJoe
ES 1 Hr: the way the overnight waves developed, I can only count three-waves down at this time.
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This doesn't mean prices can't go lower; it means there is an equal if not greater probability they can also go higher. If they go lower it might be part of a flat or triangle for the (b) wave.
TJ
ES 30-min: reminder of the intraday wave-counting-screen; the intraday Bollinger Bands, the intraday slow stochastic, 100-per SMA, and the updated daily pivot points.
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The chart is behind; prices have hit 3,850 already (arrow).
TJ
Reminder: Pending Home Sales & a consumer sentiment # at top of the hour. TJ.
ReplyDeleteES 30-min: five consecutive closes outside of the upper intraday band. Reduces the odds of the next close outside the band to 1-2%; not impossible but reduced odds.
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TJ
More then Ten consecutive closes.
DeleteThis is not normal
SPY 30 min with extended hours price... looks like 390 is on its way.
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orange and purple measured moves, purple is 123.6% of orange
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DeleteUp to grey line resistance
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While I like everyone providing charts, none have an attempted EW count on a blog about EW. Wouldn't it be more educational if we all at least made an attempt? I've been doing EW since 1982 and always learn from everyone's counts, right or wrong. Joe seems to be the only one doing it. Let's all be a little braver.
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ReplyDeleteDow Jones
Can this move sustain?
Tj. Market moves today are crazy?
Upper BB about to get hit on ES
ReplyDelete18ma on weekly in this area as well
DeleteA new post is started for the next day.
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