Just as a matter of record, based on the measurements in this chart, the contracting ending diagonal for Primary ⑤ remains a viable form for the NYSE Composite Stock Average ($NYA). The market has drawn the trend lines pretty exactingly, and price has started down where it needs to have from the 0.786 internal extension of wave Intermediate (1) - see the Fibonacci ruler on the left for that measurement.
Clearly, this index is not as much under the influence of the Magnificent 7 as other popular indexes are. Now the question becomes, will this index head down far enough to create overlap with wave (1)? The Fibonacci ruler on the right shows that overlap in this index is indeed possible with a wave that would be shorter than wave (2) as required in a contracting diagonal. For this reason, in this index, for this count to persist, new highs before overlap would tend to disfavor this scenario. It's quite a large monthly bar that got started, and it has not retraced much, yet. So, confirmation of the candle is what's needed.
Let's see how it goes for a potentially very clear count on an Index that includes all the stocks traded on the NYSE. Have an excellent start to the evening.
TraderJoe
ES 1-Hr (CFD) : Here's one take on the geometry of the last couple of days, including the overnight. So far, a little better than c = a if a triangle is considered for the b wave.
ReplyDeletehttps://invst.ly/18ga3v
If you disagree or have a different view, that's ok. We do the best we can.
TJ