By far this seems to be the best explanation of the wave structure on the ES 8-hr chart, with the wave structures as we called them predominately in real time or as soon as we could after the market opened in the morning.
%20All%20waves.png)
The chart was done in Motivewave for confidence on wave lengths and wave structures. Wave (iii) is just inside 2.618 x wave (i), and, currently wave (v) = (i).
The Elliott Wave Oscillator (EWO) has crossed to below the zero line and back above and is well within parameters, and the significant numbered waves cross back-and-forth around the EMA-34 for good form and balance.
The pattern is full of diagonals, triangles, and extensions making wave counting tricky. Yet, this is what was experienced in real time. Can the up wave go further? It can. If the (v) = (i) Fibonacci relationship breaks, the next best would be (v) = 0.618 x net [(i) through (iii)].
Have an excellent start to the evening,
TraderJoe
Or it is not an impulse... why the ew guys always try to find impulse?
ReplyDeleteThis third wave is clear zig-zag.
nice alternation in there too
ReplyDeleteBest I can do from the recent low.
ReplyDeletehttps://imgur.com/rJ6tMzC
Here is the 1 minute
Deletehttps://imgur.com/uXfUj32
Update
Deletehttps://imgur.com/X4RtTx3
Here is something similar, but in cash. I think this makes the timing a bit different. It's hard to see futures terminuses in the overnight markets without something in the cash market (not impossible - just seems to make less sense).
Deletehttps://www.tradingview.com/x/srtmYf2Y/
TJ
SPY 5-min: flirting with breaking the channel lower. Will it exhaustion gap?
ReplyDeletehttps://www.tradingview.com/x/O0AY9JJC/
TJ
SPY 5-min: has closed the exhaustion gap in cash.
Deletehttps://www.tradingview.com/x/k5MS4kO2/
TJ
any chance the gap up this morning was part of wave B
Delete@grr .. see 2:31 PM, below. TJ.
DeleteThis looks very weak. Here is truncated high that was it.
ReplyDeletehttps://imgur.com/fv57G8h
Might be time to get the puke bucket handy.
DeleteSPY 5-min: I'll be out the rest of the day, but, fwiw, I'd put a temporary wave counting stop at the location shown, until we know if a lower low is made before a higher high.
ReplyDeletehttps://www.tradingview.com/x/ARp7B4Rw/
This is in the event a large triangle is being made or something.
TJ
Triangle about to bust/thrust?
ReplyDeletehttps://www.tradingview.com/x/9eawE1sC/
A new post is started for the next day.
ReplyDeleteTJ.