Sunday, November 26, 2023

One More Time .. A Little Different

Here is another take on EWI's view. It is short, simple and deals more with the wave count. (No credence is given to any ad YouTube may show with the video, particularly one for any financial product. They are not inserted by me.)


Some, but not many, ideas are given if the high doesn't hold, as per the prior post.

Have an excellent rest of the holiday.

TraderJoe

21 comments:

  1. he refers to the move down from market high as a LD. how is he getting that count unless the rule of all succeeding waves to be shorter in contracting diagonal doesnt apply

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  2. Replies
    1. I have written about this extensively. For example at this post.

      https://studyofcycles.blogspot.com/2023/08/extensive-analysis-of-dow-jones.html

      The people that are counting an expanding diagonal off of the all-time-high are 'breaking the rules' as the fifth wave is not long enough. It misses by just a few hundred Dow points from being long enough, but it still misses. The only "legal' diagonal I could find 'according to the rules' is the contracting one in the above link. But, due to the very short fourth wave (not a 'rule' violation - just a 'guideline' concern), the whole structure can also only be three waves down. This remains to be resolved... hopefully soon.

      TJ

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  3. ES Daily - however to continue this conversation, the only downward wave that works off the July high is this 'expanding diagonal'. I have tried numerous permutations and this is the only count that seems to work. It also has a clear, unambiguous invalidation.

    https://www.tradingview.com/x/zBP5SijP/

    Further, other down counts I have tried break degree labeling definitions. This is the only count I see where the degree labels are consistent.

    TJ

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    Replies
    1. Thanks for your disciplined analysis and sharing your interesting chart! 🧐

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  4. SPY 1-hr: current count. There is a possibility of a smaller and a larger triangle. A lot of these waves are in the overnight, so - as far as I can tell - the degree labeling works for either.

    https://www.tradingview.com/x/KYJjIIl6/

    TJ

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    Replies
    1. any possibility that the first triangle completed and this recent triangle is actually 4th of 5 wave move from end of october

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  5. why is the market acting this way..seems like its just buying time.. end of month maybe...

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    Replies
    1. I don't know for sure, but something like this is definitely possible in SPY 15-min. This triangle points 'down' and not up. Ah, the wild world of treacherous triangles.

      https://www.tradingview.com/x/UviwVu4P/

      TJ

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    2. Yep! Triangles are Tricksy! 😊

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  6. Possible bigger triangle???

    https://www.tradingview.com/chart/SPX/osk2iTYN-Possible-Triangle/

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  7. Dow (YM) futures .. still looks like three waves ( c < a ) inside of 100%. From the futures, the degree labels are acceptable.

    https://www.tradingview.com/x/E4E5aVii/

    TJ

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    Replies
    1. Keep in mind the Principle of Equivalence for this count: a,b,c is i,ii,iii until it is not. TJ.

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  8. A new post is started for the next day.
    TJ

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