If you look at the recent move up in the SPY cash index - because of the missing overnight waves - it is very difficult to count. Yet, the ES hourly chart (front month only) counts like a simple zigzag, formerly in a parallel, with downward overlap on the A wave already.
Yes, either a zigzag (iv) or a triangle (iv) will alternate well with the flat (ii) on the ES 4-hr chart, shown previously.
Still tomorrow is FED Day, and we will wait while they hold us hostage to their dots and their pronouncements.
Have an excellent start to the evening,
TraderJoe
Also, today's lower low day than yesterday has the action of turning the swing-line indicator down temporarily. TJ.
ReplyDeleteAh...yes! Dots & Plots! 😊
ReplyDeleteHere is the Wizard Chart showing you why they will hold steady.
ReplyDeletehttps://fred.stlouisfed.org/graph/?g=TSH7
2 of a diagonal on 15 min?
ReplyDeleteThinking same!
DeleteFED leaves rates unchanged.
ReplyDeleteJust thinking out loud here, but do today's new highs (above the parallel channel) increase the odds that we completed a minuette degree zigzag correction on Thursday 13 March?
ReplyDeletehttps://www.tradingview.com/x/lC9t1hav/
Maybe some 4th wave sneak to set the trap?
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ