The ES weekly chart is below. The fourth wave minute (iv) is developing nicely. Keep an eye on both the interior channel and the larger exterior channel. Measurements are shown for both C=A, and a 1.272 extension, as well.
%202023_27%20(7_09_34%20PM)%20Wave%20four.png) |
| ES Futures - Weekly - Possible fourth wave (iv) |
Meanwhile, note the DOW futures, below, have already overlapped downward on the daily chart. They have filled their prior up gap from the 12 June rollover, and might make a contracting diagonal upward, as shown.
%202023_06_26%20(7_32_27%20PM)%20Diagonal.png) |
| DJIA (YM) Futures - Daily - Possible Diagonal wave (iv) |
There is a potential MACD divergence at a third wave high, although it would be best to see the MACD line cross the signal line.
The potential fourth wave of this diagonal would invalidate below the 33,128 level shown (in the futures) as it would become longer than the second wave downward, thereby breaking the rules. It would be interesting if we had the NQ, the ES and the YM all in fourth wave positions together.
Have an excellent rest of the evening.
TraderJoe
How curious that we seeing such well-defined flagging action in the indices but not in the corresponding ETFs! Very strange indeed!
ReplyDeleteTj,
ReplyDeleteiv wave takes longer time then ii
Price and time both important?
wave (ii) is a flat so wave (iv) in progress will be a sharp?
ReplyDeleteWhat do you make of XLI? Bounced up from the Oct, 2022 bottom. Then range bound (95 - 102) for about 6 months. Then two weeks ago, it surged above the top of the range. On the current correction, it has pulled back to the top of the range and its 18d-sma. Now starting up again. This could be 'b' of 'iv'. But we only have a couple of days left before the end of quarter money comes flooding in. XLI sure looks like it wants to break a lot higher after basing for 6 months.
ReplyDeletehttps://schrts.co/pccNyuJw
DeleteSPY 15-min: gap closed in what looks like a 'faster' wave up. Still, might be part of a triangle fourth wave.
ReplyDeletehttps://www.tradingview.com/x/kdLEsSnf/
TJ
..now over the prior b wave. TJ.
DeleteA new post is started for the next day.
ReplyDeleteTJ