The cash chart of the SPY 15-min ETF is below. Today's price movements were slow, controlled and largely contracting.
Some tentative trend lines were roughed in. The major question to be asked from the coiling action is, "are we consolidating just the drop of 4 Dec - as in a fourth wave which is not upwardly overlapping yet- or are we consolidating the larger prior rise with a triangle?"
Some news in the next few mornings is likely needed to provide some cover for the breaking of the stalemate. Clearly, the situation demands patience, calm and flexibility. The odds are roughly equal, but the downside might come more into focus if the ES loses its embedded status on the daily chart. As of the cash close that hadn't happened yet.
Have an excellent start to the evening.
TraderJoe
i dont think i have ever seen such jumbled waves over past 10 days..lds become eds, one traingle after anktjr
ReplyDeleteSeems like a nice completed wave, just does not want to disappoint Santa.
Deletehttps://imgur.com/IpY2Vtf
Thanks Tj. difficult markets long term too. 3491-4607-4103- 4599?
ReplyDeleteThe DJIA (and YM) has a new daily high. TJ.
ReplyDeleteES 4-Hr: perhaps a pre-employment report triangle?
ReplyDeletehttps://www.tradingview.com/x/7wqUuqbX/
If not, maybe leg one of a diagonal downward as the inverse. Flexibility, calm and patience are key.
TJ
SPY 15-min: cash - as far as I can tell, this up leg is complex; which d waves of triangles 'often' are. Usually, c or d is the 'complex' leg.
ReplyDeletehttps://www.tradingview.com/x/MkZsA3at/
TJ
Gold triangle.
ReplyDeletehttps://imgur.com/mws8Ag2
yes, b or iv ?
DeleteIf its the bigger diagonal. This could be somewhat sloppy for months.
DeleteSPY 15-min: the market must decide. Nothing has invalidated yet.
ReplyDeletehttps://www.tradingview.com/x/wArYf5I3/
TJ
The triangle warning was exceeded lower by 0.05. So, either a larger triangle or something more serious downward.
Deletehttps://www.tradingview.com/x/1Xwbm10f/
TJ
DJIA (YM) Futures .. the YM did make a new high today, then appears to have made a valid diagonal downward.
ReplyDeletehttps://www.tradingview.com/x/i0W3eY9q/
5 > 3 > 1, 4 > 2, and 4 overlaps 1 - just barely.
TJ
ES 30-min: given where the Dow's high is, there is 'some probability' that the ES topped in the same location in this manner (resulting in a truncation over the 78% level).
ReplyDeletehttps://www.tradingview.com/x/TvO3sbrD/
(We don't know the downward wave is over.)
TJ
A new post was added for the next day.
ReplyDeleteTJ