Yesterday's hourly count in the ES futures did not work out quite as expected. Higher highs were made today, and upward overlap occurred. IF a decline begins tomorrow - which would be a little unexpected for a Friday - then these are the Fibonacci ratios and other criteria that might be met in the SP500 Cash Index (hourly).
 |
| SP500 Cash - Hourly - Fib Ratios |
The degree labels are for relative illustration only and will be corrected later, as needed. So tomorrow we will find out 1) should we pay attention to which wave sequence looks more impulsive or not, 2) should we pay attention to what counts more like a "five" or not, and 3) should we mind the near perfect Fibonacci ratios in price and time in a corrective-looking wave? There is (Y) = (W), and ② in the "Golden Pocket" of 62 - 78%.
We shall see. Have an excellent rest of the evening.
TraderJoe
SPX 60-min: Well, well. We are starting out with a gap down and the overlap warning being triggered.
ReplyDeletehttps://www.tradingview.com/x/KIIkJJDt/
TJ
Now the prior A wave up has been overlapped downward. This puts pretty strict limits on any upward path - if 'any' were to occur it would have to be an expanding diagonal, but it really does not have the right look or count for that. So, downward has the highest odds at the moment.
Deletehttps://www.tradingview.com/x/HDNzWDR0/
TJ
ES 30-min: here is the intraday wave-counting screen, with just the pivots & RSI (for the moment). For those of you working on your wave-counting/degree-resolution skills, note that if the up wave is 'not' counted as a contracting diagonal A wave, it leads to all sorts of degree conflicts.
ReplyDeletehttps://www.tradingview.com/x/31NacMaa/
Then, when that is realized, the Fib ratio is C =< A, even at the overnight high. Nice. Price has reached the S1 daily pivot, and the RSI has gone over-sold indicating a third wave.
TJ
SP500 1-Hr: prior up gap has filled, and channel has been breached lower. Keep an eye on the prior low (shown).
ReplyDeletehttps://www.tradingview.com/x/VbN8Bff0/
TJ
Proving to be a great call, thanks!
ReplyDeleteWelcome. TJ.
DeleteES 5-min: three waves up, and now a 90% wave down. 'b' wave of flat or next impulse lower. TJ.
ReplyDeleteSP500 1-Hr: prior low exceeded lower.
ReplyDeletehttps://www.tradingview.com/x/hdXKIhSH/
TJ
SP500 1-Hr: also broke the first B wave low, shown below.
ReplyDeletehttps://www.tradingview.com/x/etPkcFgU/
TJ
ES 30-min: from what I can see, it 'looks like' five-down on this time scale.
ReplyDeletehttps://www.tradingview.com/x/TJavbg7g/
TJ
Friday sell-off, nice to see. Bear flag targets 4425, and a nervous weekend for bulls.
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ