In the comments for prior posts, we showed this SPY 2-Hr chart. It remains on track for a local fourth wave. The EWO is not near/at the zero line yet.
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| SPY Cash - 2 Hr - Wave iv due? |
As the chart indicates the fourth wave - at this point - can be either of a running triangle or an expanded flat. It's The Fourth Wave Conundrum, meaning there are lots of variations of sideways three-wave patterns, and it happens at every degree of trend. The lower (b) wave is still something of a downside omen, and prices are still expected to contact or get nearer to the EMA-34 on the upside (note there are not 120 candles on this chart).
Have an excellent start to the evening.
TraderJoe
SPY 15-min: The bears are growling a bit this morning, and this latest down leg (if over) is even now slightly longer than the prior one, so some counts are ruled in; some out. In short, could be an 'x' wave or a 'ii' wave unless extending to 90% of the low for a more compound flat.
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TJ
SPY 15-min: the down (red) fractal at the 'b' wave has been exceeded lower.
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TJ
it seems to me that a reliable "hint" for a wave to be a "2", "b", or "x" is when the wave has hidden divergence on the AO.
DeleteSPY 15-min: 2 pm update. SPY has qualified for yet 'another' diagonal.
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TJ
What about NDX?
ReplyDeleteI don't know for sure, but NDX has a triangle shape in it's channel. It's a question of whether the triangle holds through the Payroll Employment Report tomorrow or not. (P.S. Following Ira's guidance, I do not 'trade' through such major reports.)
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Best I can suggest is that if the NDX can't hold a triangle then it will have to be analyzed at the time.
TJ.
A new post is started for the next day.
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