Today is the 3rd day of the daily slow stochastic re-embedding in the ES E-mini daily futures, as in the chart below. Price is still above the 18-day SMA so the bias is still up.
The sole active up (green) fractal was hit. There are three local active down (red) fractals and numerous gaps below the market. Up progress can still be made by triangle or diagonal. Downward progress could only be made at this point by a failure top (today) but this is less likely.
Have an excellent start to the evening,
TraderJoe
ES/SPY (CFD) 4-Hr: we do have one form of valid triangle in the after-hours; and yes, the triangle can expand more, and take more time, so it might make sense in the cash market tomorrow, too.
ReplyDeletehttps://www.tradingview.com/x/DIF83IZl/
TJ
ES 1-hr: before the open. Over the prior high. Barrier triangle or diagonal possible.
ReplyDeleteTJ.
ES/SPY (CFD); price did again cross down under the center line in this slightly expanded count (triangle 'breathed' one time, so far.)
ReplyDeletehttps://www.tradingview.com/x/8yAfuwPF/
TJ
TJ, Thanks for your comment on where to put the red 2 in late 1930's or early 40's. I do think it has some bearing as to what this large red 4 could look like.
ReplyDeleteThanks again!
Welcome BBR .. TJ.
DeleteES 4-hr: downward Ⓒ wave is broken. There is the possibility of an impulse down on very short-term chart. Prior triangle works just fine. There is a way to get another high, if this down wave is a Flat, but then we'd have poor alternation, whereas the triangle provides very good alternation.
ReplyDeletehttps://www.tradingview.com/x/p5zEdASh/
Caution flags are flying. Watch the high and the low.
TJ
GOLD Daily - Here's something I'm watching. This is how the Kennedy Channeling Technique suggests counting this wave in Gold.
ReplyDeletehttps://www.tradingview.com/x/lk94LJRP/
JK suggests that the fourth wave comes back to the channel. Possibly. MACD seems to argue something different.
TJ
Commodity 5th waves typically more energetic. 5 looks fairly close to 3 thus far...
DeleteGOLD (GC futures) From the half-hourly intraday wave-counting-screen. Because wave 4 is still less than wave 2; it suggests a 5 up in an overlapping diagonal could still happen, as below.
Deletehttps://www.tradingview.com/x/vsRHFLDE/
Invalidation is clear; it would be above 4,035.
TJ
Beaut!! What I had in mind...
DeleteJapan reversed after blowoff top.
ReplyDeleteCould it be? Nobody believes.
Lol! No surprise there. Ordinarily what appears to be an exhaustion gap after such a furious bull run would be probative, but in the current environment, who knows...?
DeleteSPY 5-min: here's a count from the high; then apparently a Flat wave with a 90% b-3 wave.
ReplyDeletehttps://www.tradingview.com/x/l5DgA0Yk/
Pretty weak wave, so far. Maybe tomorrow's open sends it higher. Mebbe not.
TJ
The a-3 high was just exceeded in the after-hours so that Flat did not fail. Now we have to see if we get a 'five-wave' c wave up; or just three waves that would result in w-x-y. TJ.
DeleteA new post is started for the next day.
ReplyDeleteTJ