The S&P crossed the 5,000.00 mark today but couldn't close above it. We showed the following two-weekly chart for the Dow earlier. We note the ES futures are nearing the 0.618 extension of wave (1). That price is 5,034.25 and is only about 15 - 20 points away depending on how exact you want to be given closing-only prices.
Still, although the wave count is getting very, very mature there isn't a sign of a turn yet, and one needs to just be aware that downside risks are piling up. Sentiment, narrowing breadth, and unfilled gaps are just a few that we've covered. Further, intraday price action is getting exceptionally overlapping making triangles, or parts of flats, and/or diagonals.
Caution flags are up. Patience & flexibility are the requirements of the moment.
Have an excellent start to the evening.
TraderJoe
ES 2-Hr: closer-in here is what is meant by the maturity of the current count, along with typical TA targets for a triangle.
ReplyDeletehttps://www.tradingview.com/x/Ot6hTCA9/
The current fifth wave has put on the additional points (what I referred to as extending the other day) in the sub-micro degree.
TJ
I do not draw the candles and EWO with crayons.
ReplyDeletehttps://imgur.com/pyX9JQk
Yep. I'm looking at the same. Both ES & NQ. Can go higher if it wants. TJ.
DeleteLittle arguement against would be a diagonal in 1st and now 5th wave going back to 4960ish but could be sign of how stretched we are.
Delete"can go higher if it wants" that seems to be all it wants
DeleteA new post is started for the next day.
ReplyDeleteTJ.