Nothing too serious. It looks like the bars up from the recent low are a five-wave-sequence. It was possible to count it that way. But the retrace was quite shallow, so far.
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| ES Futures - Daily - Higher High & Lower Close |
The measured retrace from the high is not even 23.6%. The daily slow stochastic is in over-bought territory. The monthly payroll report is tomorrow morning. It could be a market mover, so we'll just post-pone discussion until we see more in those results.
Have an excellent start to the evening,
TraderJoe
If.its.a.bullish count then the next up can be 3 of 3 of this recent move
ReplyDeleteES/SPY (CFD) from the intraday wave-counting-screen. Possibility of three-down into the 5 am hour, then three-up to a new high on the Payroll report, and possibly five-down as an expanded flat 'b' wave.
ReplyDeletehttps://www.tradingview.com/x/5uxaVSYd/
TJ
..initial payroll report bar, has now been exceeded lower. TJ.
Delete..overnight low exceeded lower; now the 'minimum' expanded flat objective has been reached, but can go farther to make a deeper 'b' wave than 23.6%. TJ.
Delete...for example, 6,925 is a 1.618 in the expanded flat, and S2. TJ.
Delete...logs in for the 20th time to check for updates
ReplyDeleteES/SPY (CFD) 30-min: now a break of the Wednesday low, and extension of the downward correction. Maybe a double-zigzag for a 'b' wave lower; or more.
ReplyDeletehttps://www.tradingview.com/x/SKiQ001N/
TJ
...'minimum' double zigzag target reached (parallel). Can go lower if it wants.
Deletehttps://www.tradingview.com/x/jY9a6A2T/
Caution, there's nothing currently bullish on the intraday until/unless price gets back above the 18-per SMA, as price is also below the 18-day SMA, too.
TJ
Now three consecutive closes below the lower band, dropping the odds to 3 - 6% of the next close outside of the lower band.
Deletehttps://www.tradingview.com/x/OjuDtdXr/
TJ
ES Daily - just fyi - price has touched the 100-MA, as below.
ReplyDeletehttps://www.tradingview.com/x/zCiyI0tJ/
TJ
ES/SPY (CFD) 30-min: now four consecutive closes below the lower band, dropping the odds to 2 - 5% of the next close below the band (again, not impossible, just lower odds).
ReplyDeletehttps://www.tradingview.com/x/dLhj5NMW/
TJ
First close inside the band now resets the number of consecutive closes.
Deletehttps://www.tradingview.com/x/FE8UmA00/
TJ
A new post is started for the next day.
ReplyDeleteTJ