The daily ES chart is below. Nothing has changed to invalidate the count presented days ago. The market is whippy as anticipated. "First-of-the-month" money from the usual passive sources is flowing robotically into the market near the all-time-highs, and in the month of September.
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| ES Futures - Daily - Plausible Count |
One might watch to see if the upper daily Bollinger Band is hit. And, if so, does price proceed further to the upper line dashed blue parallel shown? Or is there to be a reversal on the payroll numbers tomorrow? So far, the other most-recent economic reports have been treated benignly.
The swing-line has a lower low and a prior higher high, so it is waffling; not trending. But prices are over the 18-day SMA so the daily bias switched to up.
Have an excellent start to the evening,
TraderJoe
ES/SPY (CFD) 1-hr: pre-payroll employment report low exceeded lower. Probably into the fourth wave on the hourly.
ReplyDeletehttps://www.tradingview.com/x/RU8BSbaD/
Be 'very' careful. IFF the top is a three, a diagonal could form, or the minute-b up could have ended in a complex.
TJ
Where is the "stop counting up" level? Thanks
ReplyDeleteES 6,370 looks like a 'no go' for further upward waves. Failure to make a triangle or start on a diagonal today would be key warning signs. TJ.
DeleteGot it. Thanks as always.
DeleteIn ES & SPY, the overlap warning has now triggered. ES below. While not fatal, the likely only ways out of this are a triangle or an upward diagonal.
ReplyDeletehttps://www.tradingview.com/x/icTxpt8p/
Otherwise watch ES 6,370 for upward invalidation.
TJ
ES/SPY (CFD) - 15 min: there is now a higher high than the 11 am high.
ReplyDeletehttps://www.tradingview.com/x/74fplcLF/
TJ
A new post is now started for the next day.
ReplyDeleteTJ