A new higher daily high was not made in the NQ daily futures, as the daily chart below shows. But, pretty close. Intraday, the NQ futures made a local higher high, but the ES futures did not. And now the NQ futures have downward overlap. This suggests (but does not prove) that the wave is likely a b wave.
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| NQ Futures - Daily - EWO dropping |
It is also possible to count the ES futures as only three-waves-up to its local high. Let's see if the daily EWO wants to come back towards the zero line.
Have an excellent start to the day and recall the Payroll Employment Report is tomorrow.
TraderJoe
SPY 1-Hr: in creating a gap lower, SPY has now attacked and overlapped the close of the prior up gap.
ReplyDeletehttps://www.tradingview.com/x/0N7QxMA8/
TJ
Interesting Island Reversal. Bearish signals less reliable of late so how this one plays out will be most interesting.
ReplyDeleteSPY 1-Hr: now has overlap on the upward wave, as well.
ReplyDeletehttps://www.tradingview.com/x/wZwQcOhe/
TJ
Not trusting this sell off, 18ma held so far on qqq and spy
ReplyDeleteSo far I count only three down. My 4th wave conundrum is beyond severe. It seems as if the last dozen or so times I have been counting a 4th wave, and clearly a sideways consolidation pattern in a short term downtrend, price "magically" breaks from the sideways price action to the upside with nary a new 5th wave low. It is a market of threes lately.
ReplyDeleteES 30-min: there are three-waves-up and three waves down, so far. The Payroll report has busted a few fractals. Good possibilities are 1) a Flat, down to 90% or better, and 2) an upward diagonal.
ReplyDeletehttps://www.tradingview.com/x/vJSqhn9C/
Update the fractals as they occur.
TJ
This morning's low is now a fractal (on the real-time chart), below it is needed for a flat wave. Upward possibilities still exist (double zz, diagonal).
Deletehttps://www.tradingview.com/x/WySFsrzA/
TJ
SPY 1-Hr: with the top popped, this is more than likely a portion of (or all of) wave ②.
ReplyDeletehttps://www.tradingview.com/x/M7WJElPD/
TJ
P.S. Being at the 50% level or beyond, it can support a 1.618 down wave should that occur. TJ.
DeleteLower low in DJIA.
ReplyDeleteThis feels and looks like an abc on futures especially - would be a good trap for Monday
ReplyDeleteSPY 1-Hr: ahhh .. I don't really like the diagonal down, and the deep retrace. Diagonals can always be 'A' waves, so keep the triangle fourth option in mind, as shown.
ReplyDeletehttps://www.tradingview.com/x/DVXm4qyg/
TJ
ES 30-min: there is now downward overlap on 'both' the overnight up wave, and the first wave up when the cash market opened. Current down wave is very long in 'time' and price compared to prior down waves. TJ.
ReplyDeleteSPY Cash 1-Hr: this chart shows the overlap in cash, and what look like five-waves down.
ReplyDeletehttps://www.tradingview.com/x/JGzzdBei/
TJ
SPY cash 1-Hr: note SPY has undercut its prior low. ES has not yet.
Deletehttps://www.tradingview.com/x/opFr3k8y/
TJ
Nice call on wave (2) today!
ReplyDeleteor (B)
Delete😀
DeleteLol! The algos must be loosing their mojo by allowing such lag in the indices. The market makers must really hate that but traders love it ni doubt. Have a great week-end all!
ReplyDeleteLol. You too. TJ
DeleteA new post is started for the next day.
ReplyDeleteTJ