Today we noted if the up fractal was taken out on the ES 30-min chart, a larger correction might be at play. That up fractal was broken today. That correction comes from the ES 4-Hr chart, below.
IFF the parallel holds, then a new low might be expected. IFF the upper parallel begins to get breached by full candles then consider this five-down completed count.
I'm leaning only slightly in favor of the first count because of the complex and overlapping wave structures from iii to iv. Study is needed to see if these overlaps might be an expanding diagonal from the low, however.
Have a good start to the evening.
TraderJoe
US10YR - Yield - Confirmation of wave (5) with the higher weekly high today.
ReplyDeletehttps://www.tradingview.com/x/ORFPE3SQ/
TJ
I intended to reply here :)
DeleteUS10YR Jun 2007 resistance April 2023 support.
ReplyDeleteThanks for the reply last yesterday.
Welcome. TJ.
DeleteTrying to catch up SSMI as earlier I spotter very likely ED on it. Interesting, if the green line gets broken. https://www.tradingview.com/chart/SSMI/ZZfSJYrs-something-to-keep-eye-on/
ReplyDeleteES looks corrective in nature so far.
ReplyDeletehttps://imgur.com/kelv2Sz
Yep. Looks like an abc off low.
DeleteGood, so far, as there is now one level of downward overlap. Let's see if there is some downward acceleration on the news reports @ 10am. TJ.
DeleteSPY cash 1 hr: it would be a 'pretty deep' fourth wave at 55% x iii if it holds. But the EWO is also coming back to the +10% to -40% level.
ReplyDeletehttps://www.tradingview.com/x/aIfSmkIP/
TJ
ES 1-Hr: that's better; there is now a second level of downward overlap @ 4,408. TJ
ReplyDeleteSPY 1-Hr: nudging below up trend line.
ReplyDeletehttps://www.tradingview.com/x/yjJlVLLk/
TJ
A new post is started for the next day.
ReplyDeleteTJ