This count remains possible on the daily ES futures. Still keeping track of degree labels as best as possible then it is possible to get a ⓥ = ⓘ relationship. The close-only chart is shown to highlight the form of the wave, the channel, and some measurement relationships.
The advantage of the count is that there is a clear invalidation on the chart. Since wave ⓘ is an impulse, then wave ⓥ could eventually turn out to be a small diagonal, as well. There is a possibility that the Dow can do better than this as its wave (3) is not as long as its wave (1), yet in that index.
Have an excellent rest of the weekend,
TraderJoe
On the hourly count, something like this is possible. There might be a retrace on Sunday into Monday, as a back-test, followed by a third wave down of wave c of (ii).
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TJ
Volatility definitely suggesting back-test ahead of that move down merely corrective. I suspect the move down from a final high will see a VIX break-away gap or TWS pattern possibly. Nothing remotely close on Friday.
ReplyDeleteAnother possibility if you want to consider we don't have a top, is C can be 3 of an impulse meaning 1) ...(3) completes after 2 more legs higher, and 2) ...there isn't a 35 pct drop for required (4) as part of an expanding diagonal. That's the nested count. I can post it if you would like.
ReplyDeleteI understand; the issue is whether there is more evidence for the extension. So far, your 1,2, i, ii scenarios have not panned out. By the EWO we got a fourth. This 'should be' a fifth, and I'm allowing for the (I), (ii) in that wave.
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