Until there is any significant difference in prices, three of the major U.S. equity indexes and their futures remain in the Intermediate (1), (2) and (3) count, as below.
One can imagine, hope, suggest or suppose something different, but until there is price movement downward of significant amount, or even overlap, the count remains the same. And, yes, diagonals remain possible but there is unclear evidence for them at this time.
I'll also be watching to see if the Dow Transports can make a new high or not. If not, they might be in a (B) wave higher.
Have an excellent rest of the weekend,
TraderJoe
Thanks. Is the Dow once in a lifetime expanding diagonal more likely just an impulse and in wave 3 not 5?
ReplyDeleteSince there are 'almost always' alternates, one could ignore the diagonal and just make a running wave w-x-y, as follows on the two-day Dow cash chart:
Deletehttps://www.tradingview.com/x/Gq7vgGYD/
But it raises two questions. What is the wave label at y, how does one know?
And if x was only 150% wave, why didn't y come down through the w low in an expanded flat?
In other words, why does it have the lurching look & feel of an expanded diagonal, but isn't one? And why does it have the look of an expanded flat, but isn't one of those either. You'd have to answer those questions.
TJ
Then this wave 3, if not part of diagonal, it will be 5 waves, I don't know if 3rd waves have extended 5th waves, so we either had extended first wave or a very nested 1 2 count within the third wave.
ReplyDeleteCan it be ABC structure?
ReplyDeleteI'm not expecting to get divergenc in wave 3
ReplyDeleteES Hourly - here is the same channel shown previously. A fourth wave may now be in the price structure.
ReplyDeletehttps://www.tradingview.com/x/acfh5QjL/
TJ
Thanks tj.
DeleteA lot of money pumped in. tracking it the day you shared. https://fred.stlouisfed.org/data/RRPONTSYD
DeleteWould it be of any concern that the net distanced traveled in the covid flat would be less than (2)?
ReplyDeleteIm starting to think more about your contracting diagonal from 666 you posted a few weeks back.
Maybe it doesnt have the deep retraces due to all the money creation shenanigans.
ES 2-hr: just changed the scale so the channel looks more proportional, no change to the basic count. It is likely a ④th wave is at the 38.2% level. Probably into wave ⑤. up, now.
ReplyDeletehttps://www.tradingview.com/x/qDUko0ry/
TJ
I see a possibility of expanding diagonal in cash..the correction from yesterday..
DeleteA new post is started for the next day.
ReplyDeleteTJ