Bottom line: Local new weekly highs or local new weekly lows are better needed to establish a valid wave count. The W-X-Y double combination to a wave Intermediate (2) has not been invalidated yet, but it is close. Therefore, we are also considering this form of a three-wave bear market with a large triangle in the middle of it.
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| ES Futures - Weekly - Possible Running Triangle |
The proposed triangle does not have convincingly contracting trend lines yet, so it might take a while. The current C wave is about 83% of the A wave, so we would like to see around 78.6% in the downward direction for the triangle's D wave.
We are working with this count because it provides the clearest and most direct invalidation levels. The wave-counting and trading is awful, the EMA-34 is stuck flat in the middle for the time being, and the daily and weekly Bollinger Bands are nearby.
Have a good start to the evening and the weekend.
TraderJoe
When the EWO compresses like this you can usually count on a triangle forming
ReplyDeleteVIX hitting trend line again. Sixth time is the charm?
ReplyDeleteI abandoned the previous Dow impulse and have readjusted to a diagonal. The chop in the last couple of weeks certainly looks different than the impulse. YM futures isn't the most bearish looking chart at this time, but this is what my bias has attempted to eek out, with some likely over-complications. Will see if bulls have follow through next week.
https://imgur.com/a/C4Gwhjp
Looks like the 2hr gold barrier triangle is working.
ReplyDeleteES stopped right at mid channel line and would make one nice symmetrical triangle if that was the top of d wave.
ReplyDeletehttps://imgur.com/IR1jFEI
DeletePayrolls maybe would be the bottom of e.
DeleteA new post is started for the next day.
ReplyDeleteTJ