So far, the down-sloping parallel on the ES 4-Hr chart is holding with a break below the most recent low, as shown below.
Keep an eye on it, and base all measurements on the OHLC version and not the close-only. The close only is shown just for the form of the pattern. From an Elliott Wave perspective remember the C wave of a much larger triangle could be located at the 01 May high.
Have a good start to the day.
TraderJoe
I believe we are going to default on the debt ceiling as a blame game. Biden knows we are likely headed for a recession (poor retail sales, home depot ie, and empire FED mfg posted worst reading ever yesterday). Yellen said if we default, it will cause a recession. Thus, the blame game ensues.
ReplyDeleteThat remains a very low probability event, likely less than 5%. But with the adverse outcome so damaging, and tail protection so cheap, it makes sense to hedge regardless of the low odds.
DeleteSPY cash 10-min: need to get below 410.00 to claim a potential diagonal, and also break the prior low (marked). The market is being a real pain.
ReplyDeletehttps://www.tradingview.com/x/WHzjF4ow/
TJ
SPY cash 10-min: at the cash close, the wave iii low was exceeded lower, and the prior low was tied +/-0.03, but the 410.00 low should be exceeded - possibly tomorrow morning. Odds of an expanding diagonal increasing.
ReplyDeletehttps://www.tradingview.com/x/6r1ZO6Gb/
TJ
Traditional pattern maybe a descending triangle
ReplyDeleteTj,
ReplyDeleteYour Nasdaq count mentioned in earlier post might have got completed today.
Hi TJ...Referencing your May 6th post entitled The Daily Triangle Option, is it possible for the double zig zag wave C to extend a bit longer and exceed the May 1st highs of 4186 but remain below the A wave peak, before rolling over in Wave D?
ReplyDeletehttp://studyofcycles.blogspot.com/2023/05/the-daily-triangle-option.html
Thank you
A bit; see the next day's post which is now up.
DeleteTJ
A new post is started for the next day.
ReplyDeleteTJ