Tuesday, December 12, 2023

Up Wave Structure

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, x, and has the highest Elliott Wave Oscillator value. The 0 -  trend line identifies the end of wave  ala Neely. And the return of the EWO to the zero line - or near it - identifies wave ④. And the current wave - likely wave  - is diverging on the EWO.

In this count, wave  should not exceed the length of wave . To the downside not much happens until the lower trend line 0 - is exceeded lower, back tests, and/or fails.

Have an excellent start to the evening,
TraderJoe

 

17 comments:

  1. 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.

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  2. SPX cash has closed the prior down gap from the all-time-high, and is closing in on 90% retrace.

    https://www.tradingview.com/x/I6XAwVuI/

    TJ

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  3. Replies
    1. DJIA does make the new ATH. (Based on TradingView quotes). TJ.

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  4. Replies
    1. ?? 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.

      https://www.tradingview.com/x/BAe3JkX8/

      TJ

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  5. 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.

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  6. Never seen such a rush to ath.

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  7. if ndx makes a new high...with 5 waves....would it mean huge correction next year.

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  8. TJ, 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?

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    Replies
    1. Please see Sunday's post, link below. The Dow just went over that high.

      https://studyofcycles.blogspot.com/2023/12/if-dow-does-over-high-in-2023-or-early.html

      TJ

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  9. Since there is very little retracement.

    https://imgur.com/AHaE3UF

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    Replies
    1. 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...

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    2. @BBR .. no; there is no overlap to justify zigzags at this time. TJ.

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

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