For the time being price movement is largely as expected. I'm trying not to over-complicate things and that's why the wave-counting-stop is shown in the ES Futures Daily Chart, below. The minute ((b)) wave up was a bear to count.
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| ES Futures - Close Only - Currently Lower |
Now, the overlap warning on the downside was hit two days ago. The EWO is falling off, and price has pierced a parallel to the down side. It's hard to give the upside much credence until or unless the wave-counting-stop is hit or exceeded (use OHLC for that).
There could still be surprises in both directions although downside surprises would be much less shocking at this point.
Have an excellent start to the evening.
TraderJoe
TJ, does the OHLC charts which indicate high Dec 13 high at 4145 (Dec 22 futures)/4180 (Mar 23 futures), i.e. exceeding the Dec 1 4143 high, impact how we should count the daily closing line chart for reference?
ReplyDeleteI have already showed 'several' OHLC charts of the decline. Here is one. No.
Deletehttps://www.tradingview.com/x/JhULxHYS/
TJ
Gold is backtesting the lower wedge line.
ReplyDeletethank you, seems like the final up move for 4 should be today-tomorrow.
ReplyDeleteI think gold had it chance at the lower wedge, something else is going on.
ReplyDeleteTake the name off the chart: this chart is still a wedge with acceptable parameters, including ((iv)) < ((ii), and ((iv)) overlaps ((i)).
Deletehttps://www.tradingview.com/x/5w0DhFNA/
The wedge in the chart can a) make a new high, or b) fail. If it makes a new high it will run into the daily Bollinger Band.
TJ
Thx, much like triangles, I like to rush them.
DeleteSPX 4 hour chart 84 bars up and roughly 50% retrace in just 10-11 bars down so far... The QQQ's have retraced over 70%. Can Santa build a wedge to slow this snowball?
ReplyDeletehttps://www.tradingview.com/x/fW7oZO5N/
Running triangle on ES since Friday?
ReplyDeleteA new post is started for the next day,
ReplyDeleteTJ