We don't know if you are, but if you are looking for an alternate count for the minute ((b)) wave, other than the failed triple zigzag up, then we ask you to reconsider the previous post on the potential ((b)) wave at this LINK. And consider the ES daily chart, below.
We can not at this time suggest a wave pattern like this will happen. Therefore, it is just an alternate to keep in one's back pocket. But there are benefits to the pattern at this location. One benefit is that it will help to take more time relative to the minute ((a)) wave, down. A second benefit is that it could signal the "last wave set down, dead ahead". Third, we noted over the weekend how many other markets are in triangles or triangle-like patterns.
Right now, we have no reason to suspect we are not in the minute ((c)) wave down. But, prices need to drop pretty quickly in the next day or two for that to seem most likely. Perhaps the election will have something to do with that. Perhaps not. One reason we can't go with this pattern right yet is the prior upward wave counts best as the failed triple zigzag. Triangles do not typically form in this fashion for their (a) wave up.
For this reason options must be fully open at this time, with a drop below Thursday's low being of key interest.
Have an excellent start to the evening.
TraderJoe
Since ((a)) was an impulse, ((c)) could turn out to be a diagonal. We would be in b of 1 of 5 of ((c)).
ReplyDeleteCertainly possible in the choppy environment. TJ.
Deletehttps://pbs.twimg.com/media/FhADDRyaMAE0r0F?format=jpg&name=medium
ReplyDeleteA very reliable tracker of the market’s decline(SPX in black) has been the 10d ma of the net new highs (colored lines). It looks to be rolling over. If it continues by to roll over, that will begin the next down wave.
Looking Wedgy
ReplyDeleteDollar did not hold.
ReplyDeleteThe other idea is that this is b of x and that fed/payroll move was a 3 not a five.
ReplyDeleteI have to do more homework this winter but those impulses were the two takes very little time to the four never sat well with me. It seems to be forcing an impulse. Maybe there is an EWO rule to be tested for a two.
A new post is started for the next day.
ReplyDeleteTJ