Below is the SPY hourly chart. Notations include a falling wedge in three waves down as a,b,c to the area of a prior fourth wave. Today was a gap up, a trend line break upwards, a prior gap fill, and travel upward over the a prior b wave. That b wave was a marginally failed flat wave that we counted out in real time. The a wave down was a non-overlapping impulse. The c wave down was an overlapping diagonal. So there was good alternation shown in a corrective structure.
There are two more gaps overhead. The low might have been all of wave (iv) or just a three wave a wave as part of a larger triangle wave (iv). Therefore, today could either be a smaller degree a wave, up, or a i wave up in an impulse for wave (v). Time will tell.
Have an excellent start to the evening,
TraderJoe
(From CNBC)
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Central Banker's confernece.
TJ
ES 60min: there is no overlap yet, so the preferred count is an impulse at this time. But things can change.
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TJ
ES 60-min: now up over black b
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TJ
SPY 15-min: has the new higher high (ES probably too, didn't check yet).
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TJ
'surprising' (not) how that happens for the noon news, isn't it?
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SPY 15-min: keep an eye on wave ⑤; it might try for 0.618 x net (①-to-③).
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There is downward overlap, so any extension (if it occurs) would likely be a diagonal.
TJ
SPY 15-min: five-down from the high tends to greatly lower the odds of a further diagonal.
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TJ
Remarkable DJIA not only did not follow NDX and SPX to new highs, it also could not close this morning's gap. Notable divergence IF we indeed topped!
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