Using the ES 4-Hr chart, below is the best count given the announced NVDA earnings after the close today. As of this writing (about 5 min before the futures close), the futures are trading at roughly 4,474-6. The conference call takes place after 5 pm ET when the futures are closed.
The upward move from the low appears to best count as an overlapping expanding diagonal. I stated that I would look for one. This appears to be it - as an a wave up of a corrective wave higher.
Have a good start to the evening,
TraderJoe
Could it also be considered w-x-y-x-z in an expanding pattern? The Nvidia spike places the correction around the 50% retrace.
ReplyDeleteThanks!
Yes, it could. As it could also be considered as a 'i', and not just 'a'. Welcome to the world of true alternates. TJ.
DeleteSPY 30-min: it's a 'stretch' but I'm pretty sure cash can be counted the same.
ReplyDeletehttps://www.tradingview.com/x/w1SfJ42t/
TJ
SPY 30-min: the cash gap just closed. Another count like this might work in a parallel, too.
Deletehttps://www.tradingview.com/x/ZoQx5nQg/
Be very careful.
TJ
SPY 30-min: overlap warning added for the alt: iv count.
Deletehttps://www.tradingview.com/x/G8xrUIxX/
TJ
If I was the market and wanted to be diabolical, I would put this mornings completed expanding diagonal as c of a running correction.
ReplyDeleteSo, I think the problem with that is the "B" wave down would be longer in price than wave (iii) down - the same higher degree wave in the prior direction - and this would be a degree violation. I tried it from each of the lower troughs of wave (iii) to see if I could find one that would work. I couldn't. One is 'close' but no cigar. TJ.
DeleteThx
DeleteIt looks like its trying to make the right shoulder on the ES 4hr.
ReplyDeleteSPY 30-min: the overlap warning has been triggered. The extended first wave count prevails in a wedge shape.
ReplyDeletehttps://www.tradingview.com/x/SWHrDvEl/
TJ
SPY 30-min: another option comes from The Principle of Equivalence. Right now, we think it is a :5 up. But the red count shown in a channel suggests that 'maybe' because the second leg is inside of equality perhaps the whole structure is only a :3. Again, it's the 'equality' that may be the key.
ReplyDeletehttps://www.tradingview.com/x/fVYdGFmT/
TJ
Quite the bearish engulfing candle being printed today.
ReplyDeleteES 30-min: from the intraday wave counting screen, it certainly looks like we're into a fifth wave down.
ReplyDeletehttps://www.tradingview.com/x/rtRUiSJt/
TJ
Shortly after the cash close.
Deletehttps://www.tradingview.com/x/Ipw9G0W3/
TJ
Outside reversal on es for the day.
ReplyDeleteYep! On all the major indices. Also bearish engulfing candle on SPX.
DeleteSPY 30-min: outside bar (higher/lower?) on Powell speech. Doesn't provide much information yet. There was a channel back-test but not a clear failure lower at this time. The bar is not closed until the bottom of the hour.
ReplyDeletehttps://www.tradingview.com/x/zOYfjPPH/
TJ
Outside bar is lower. SPY gap is now filled around 62.8% level. Not particularly bullish but it certainly could whip around at any time.
Deletehttps://www.tradingview.com/x/LVWZZZAf/
TJ
Bull trap to end the day would be so typical
ReplyDeleteSPY 5-min: It's Friday. Squeeze 'em until the cows come home?
ReplyDeletehttps://www.tradingview.com/x/KxAKillo/
TJ
But of course! 😂
DeleteThe cows just came home, as prices went over the prior intraday high. TJ.
DeleteAnyone else find the MRNA monthly chart interesting? The H&S pattern has a measured target value of less than zero....as it should!! 😊
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ