It took a while but in the after-hours the ES futures made a higher high and is likely into a fifth wave up.
Given the length of the third wave, the fifth wave can travel a while. Sometimes it works to now revise the upper parallel trend line so that it is anchored on the third wave terminus.
Have a good start to the evening,
TraderJoe
Hang seng has been falling continuously! And S&P rallying continuously!
ReplyDeleteShould we Expect a sell off on S&P?
Crude hanging under the top channel usually a warning sign for a downside d wave.
ReplyDeleteI am going to start keeping track, but has anybody seen a correlation between the direction of the complex wave and the direction price breaks out of a triangle?
ReplyDeleteES 8-hr: from what I can see, and I might be proved wrong - a triangle it starting to lose its 'right look' because the tails at 78.6% are now thrown-over. IFF a potential triangle busts, and I asked that a triangle not be assumed, then perhaps a channel count will work better.
Deletehttps://www.tradingview.com/x/GRDubFEE/
TJ
P.S. a 'barrier triangle' would have its flat side only on the bottom in a down trend. TJ.
DeleteThx, I have learned to start looking for alternatives when price starts hugging either line in a triangle.
DeleteAlso, now that price is over 90%, a double-combo would work wonders, too.
Deletehttps://www.tradingview.com/x/frmd7lJb/
TJ
ES being turned away at the 1.38 extension. There is room for a .382 retrace of 3 and stay above 1 to avoid overlap.
ReplyDeleteI wonder what Prechter is thinking about his EW count now.
ReplyDeleteThat last video he said you should have a subscription to EWI because it's fun.
DeleteWe probably have more fun here!
DeleteYep and better analysis.
DeleteI do enjoy some of his socioeconomic commentary but their counting leaves a lot to be desired.
DeleteES has broken the 10 AM prior low. TJ
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ