The nasty structure of the waves continues in both directions in this 5-min chart of the SPY cash after the open. It might be a fourth wave. It might form a larger flat yet.
The very shallow yet overlapping retraces and grinding & grinding on almost every tick make it a tough environment for both wave counting and trading.
Have a good start to the evening.
TraderJoe
Wondering if we have a barrier triangle in gold. I am using a 2hr, would like to see a red EWO bar for e.
ReplyDeleteSPY 5-min: there are higher highs and higher lows this morning; on the watch-out for lower lows.
ReplyDeletehttps://www.tradingview.com/x/b63yCKeD/
TJ
2 upper channel lines and the .786 are around 4130
ReplyDeleteSPY 5-min: just fyi, right about v = i; can go further if it wants.
ReplyDeletehttps://www.tradingview.com/x/Kax6sXs4/
TJ
ES: 6 closes in a row above 30 minute BB
ReplyDeletemost frustrating bear market ever. every sell off immediately bought and sent higher. is it a bear market ? Michael burry twitter post was good. congrats. going back 100 years this is the most buy the F**** dip in history.
Deletebiggest surprise the last 3 months, VIX is at the lowest level in 15 months. Zero fear in the market !!! i think alot of it is wall st believes the fed/govt will bail them out of any financial problem. Pavlov dog the past 13 years. So take risks and ignore the rest
ReplyDeleteSPY 5-min: - just saying "it's countable", but there could be a higher high if there is a wierd-o' b wave in here. v is now about the length of the whole first wedge.
ReplyDeletehttps://www.tradingview.com/x/zKoU6Vdn/
TJ
Is three the shortest wave though?
DeleteNo; measured two different ways. TJ.
DeleteSPY above Daily BB
ReplyDelete$ViX I had posted a version of this a few weeks back we may need to trade lower and test 17 for a week or 2.
https://www.tradingview.com/x/vxTMy1OY/
SPY 5-min: first lower low and lower high of consequence. Can still be part of a fourth wave as it's only down to the futures channel (5-min) yet.
ReplyDeletehttps://www.tradingview.com/x/bFyMJMBt/
TJ
..and there (using the swing line) is a lower low which may be a smaller degree diagonal, or it may morph into something else; can still be part of a fourth wave.
Deletehttps://www.tradingview.com/x/bRdTt22g/
TJ
Backing off to the SPY 30-min: I'd watch the wedge line (and back-test) for a 'c' wave wedge count. (Yes, there still can be higher highs yet. SPY made a higher high while ES did not).
ReplyDeletehttps://www.tradingview.com/x/vXKG2sWC/
The (ii) / (b) gives consideration to this being about a 78.6% upward retrace, so far, and 'might be' the (b) wave in a triangle count.
TJ
ES futures 5-min: looks to have had a triangle and a thrust out of it.
DeleteTJ
ES futures 5-min: here is that larger fourth wave triangle.
Deletehttps://www.tradingview.com/x/zMAdeB0d/
TJ
I should have respected that Expanding diagonal off the 3937 low. One more for my book of F%$K ups.
ReplyDeleteI'm starting to think that 3937 could have been all of the B of (B) in the large triangle. An A=C move from 3502 gets us real close to a .786 retrace of the (A) move.
ReplyDelete