Today's lower low and lower close below the 18-day SMA has firmly set a down trending wave in motion as per the March 2026 ES Daily chart, below. This occurred after prices initially rose overnight to the underside of the line-in-the-sand before falling off.
The next target on the chart would be the combination of the lower Bollinger Band and the 100-day SMA. The daily slow stochastic has quickly moved from embedded higher, to over-sold. The hourly count looks like this at present.
It's a bit too early to say whether an impulse is forming or not.
Have an excellent start to the evening,
TraderJoe
A classic B double top and down we go. http://icecream.me/741673b4b8c2a7f355cd4499644f0db9
ReplyDeleteThis may be a C wave, the 18 ma is being retested.
ReplyDeleteSPY (Cash) 30-min: I'm not liking anything in SPY cash yet, at the moment. The wave is too slow, so far. The measurements are not great for an impulse. So, what I am showing is only more possible probability. There may be others. Watch to see if an upward triangle forms.
ReplyDeletehttps://www.tradingview.com/x/Bly8qgkK/
TJ
SPY (Cash) 5-min: so far, so good. One valid form of triangle. Can 'breathe' or expand once if it wants.
Deletehttps://www.tradingview.com/x/om049t6R/
Not allowed below the low of Ⓐ, though, as invalidation.
TJ
Looks like flagging action on daily in DJIA...
ReplyDeleteES/SPY (CFD) 1-hr: now up and over the triangle high.
ReplyDeletehttps://www.tradingview.com/x/odaeeDIS/
TJ
Triangle probably counts like this: a bit ugly but all > 62% retraces, and it breaks no 'rules'. Plus, it did the job (Neely's post-pattern confirmation).
Deletehttps://www.tradingview.com/x/mgxH9ZPy/
TJ
If triangle count is correct, it must be a b wave...we shall see...
ReplyDeleteIs it a triangle..that's the question
ReplyDeleteCan be counted as such so just a possibility...price action thus far certainly not conclusive...
DeleteES/SPY (CFD) 5-min: this wedge has broken down its speed lines quite a few times, and currently shows overlap warning.
ReplyDeletehttps://www.tradingview.com/x/eSwvunbR/
It would 'appear' momentum is slowing, and it would have to reaccelerate into the close to be something else.
TJ