Price has been whippy and making a wedge on the ES 2-hr chart. There are likely three waves up and a possible fourth wave down.
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| ES Futures - 2 Hr - Waves in a Wedge |
Because there are no overlaps yet, we just keep counting. Have an excellent rest of the evening,
TraderJoe
Looks like macd histogram is saying abc.
ReplyDeleteES (SPY/CFD) 30-min: so far says 'five-waves-up'. With iv at prior ④ for the most part.
ReplyDeletehttps://invst.ly/18u28n
TJ
ES (SPY/CFD) 30-min: this gives us a new invalidation level below here.
Deletehttps://invst.ly/18u3ci
TJ
blue v is now "done" by measurement ending with a two-minute diagonal, to follow.
DeleteHere's the overlapping diagonal, and it 'just fit' by measurement.
Deletehttps://invst.ly/18u3ha
TJ
The diagonal has also been proven by a retrace that exceeded the start of the diagonal in less time than it took to build. TJ.
DeleteSince we have 'five up', and the diagonal is no longer an issue as it has been proven, then this could be a larger a/i wave; 'a' since it did not go over the top, and it 'may' be part of a larger upward diagonal or X wave of expanding triangle on the daily chart. TJ
DeleteCould it be all of correction as we already have .38 retrace or just abc of A?
ReplyDeleteJust testing the 18 ma again, bias is still up and it looks like AB with C next to the upper BB. Rsi on the hourly futures is quite low, suspicious.
ReplyDeleteES (SPY/CFD 5-min): 'relax' and count. Nothing can be ruled out until price is above 6,059+, which it isn't yet. Measure, measure, measure. Corrections are 'usually' at least distinct 'threes'; and maybe more.
ReplyDeletehttps://invst.ly/18u6un
TJ
Can be 'five-waves-down' as a diagonal.
Deletehttps://invst.ly/18u6zq
If so, more can follow - - later.
TJ
Why wouldn't you call the initial move down to 6060 as 1? So your 1 would 3 and so on.
Delete@Kevin, because of 'degree labeling' wave ③ is almost 'as-long-in-time' as wave ①, 10 bars vs 12 bars on the 5-min chart, and so the two waves are likely "of the same degree". One considers not only price, but time. TJ.
Delete@Kevin; also because dropping down to the 1-min chart, there is pretty clearly a "running triangle" for a smaller degree 'b' wave, and a clear overlap with the 'a' wave down, by ②, up.
Deletehttps://invst.ly/18u9ar
TJ
ES (SPY/CFD) : now there can be five-waves up as a diagonal over wave ④. If incorrect, the diagonal completed a little earlier and now in a third wave. So far, it is ok, tho.
ReplyDeletehttps://invst.ly/18u8h1
TJ
EWO has gone green.
Deletehttps://invst.ly/18u8o1
TJ
Now the correction is underway of the up wave.
Deletehttps://invst.ly/18u93z
TJ
ES (SPY/CFD) 5-min: now there is downward overlap on the first up wave of the correction.
ReplyDeletehttps://invst.ly/18u9gx
TJ
There is now a divergent lower low. Watch the gray trend line for the nested count 1-2, i-ii interpretation. Otherwise, there might be a 1) and expanded flat, or 2) a larger diagonal depending on how the machines want to grind us out.
Deletehttps://invst.ly/18uagq
TJ
If it makes another low at close could be bigger ld...otherwise it's abc so
ReplyDeleteyes, sir. TJ.
DeleteHere are the b-3 measurements in SPY cash. One thing to keep in mind is that if we are making a smaller degree b-3 wave compared to the (exaggerated) larger degree A/1 wave, then b-3 should be 'smaller in time', as well. If not, the whole thing is a larger diagonal (but less likely, not impossible, less likely).
ReplyDeletehttps://www.tradingview.com/x/z6K9NRBv/
TJ
A new post is started for the next day.
ReplyDeleteTJ