The OHLC version of the chart in the prior post for the weekly ES futures is below. Yes, there are ways that higher highs can be made. But the risks are piling up. Even a 38% retrace shown is almost 1,000 ES points from here. And deeper retraces are certainly possible.
Besides retrace risk, there is also the risk that the entire upward movement is over. If the up wave sequence is an A,B,C instead of the five waves shown, then there is a (likely lesser) risk that Intermediate wave (4) could be undercut.
For the short term, it is suggested to pay close attention to the 18-day SMA, and whether price closes above it or below it on a daily basis.
Have an excellent start to the evening,
TraderJoe
/CL looks like huge falling wedge.
ReplyDeleteES/SPY CFD) 15-min: looks like we've gotten enough waves to consider a barrier triangle, as blue a,b,c or black w,x,y.
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TJ
..the three-wave count looks ok at this point.
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TJ
..prior C wave high was just exceeded in the CFD in the after-hours.
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TJ
Just info - another new high tonight for the $NYAD. No sign of a true bear market starting yet. Payroll Report scheduled for tomorrow. TJ.
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