The ES 2-hr futures (RTH only) shows the structure of the up wave well with about 122 candles on the chart, as below, and using The Eight-Fold-Path Methodology for an Impulse wave.
The first wave up may be the extended wave, x①, and has the highest Elliott Wave Oscillator value. The 0 - ② trend line identifies the end of wave ③ ala Neely. And the return of the EWO to the zero line - or near it - identifies wave ④. And the current wave - likely wave ⑤ - is diverging on the EWO.
In this count, wave ⑤ should not exceed the length of wave ③. To the downside not much happens until the lower trend line 0 - ④ is exceeded lower, back tests, and/or fails.
Have an excellent start to the evening,
TraderJoe
Reminder: FOMC decision scheduled for the top of the next hour (14:00 ET). To be followed by the Chair Powell Press Conference at 14:30 ET. TJ.
ReplyDeleteSPX cash has closed the prior down gap from the all-time-high, and is closing in on 90% retrace.
ReplyDeletehttps://www.tradingview.com/x/I6XAwVuI/
TJ
SPX makes the 90% mark. TJ.
Deletedow stone throw away from ath
ReplyDeleteDJIA does make the new ATH. (Based on TradingView quotes). TJ.
DeleteVery close to w5 > w3
ReplyDelete?? Using OHLC candles, I get 4,824.75 for the limit. We are still a ways from there at 4,777 as this is written. Always use OHLC for limits calculations.
Deletehttps://www.tradingview.com/x/BAe3JkX8/
TJ
The AAPL wedge up I am tracking,the upper TL comes in at 200 to 201. Maybe we see a major turn before the end of next week.
ReplyDeleteNever seen such a rush to ath.
ReplyDeleteif ndx makes a new high...with 5 waves....would it mean huge correction next year.
ReplyDeleteWeekly bb hit monthly at 4760ish
ReplyDeleteTJ, am I right in my assessment that you think there is a fair chance we are in supercycle IV whereas Prechter thinks we already completed supercycle V?
ReplyDeletePlease see Sunday's post, link below. The Dow just went over that high.
Deletehttps://studyofcycles.blogspot.com/2023/12/if-dow-does-over-high-in-2023-or-early.html
TJ
Since there is very little retracement.
ReplyDeletehttps://imgur.com/AHaE3UF
Yes! The rise is parabolic. Despite the fact that they all END the same way, they never fail to generate the same sentiment while unfolding...
Delete@BBR .. no; there is no overlap to justify zigzags at this time. TJ.
DeleteA new post is started for the next day.
ReplyDeleteTJ