The whip in the ES futures is on in full force. Here are a couple of hourly parallels for your consideration.
 |
| ES Futures - Hourly - Parallels |
The wave structure up was a three-wave sequence. The wave structure down is in a parallel and might also be a three-wave structure or a complex in the futures. This makes prediction of the wave structure very tenuous. While it does feel like we might be in the minuet (b) wave, further confirmation of the form is required.
Today price finished in the middle of the range but still well below the daily 18-per SMA. So, the bias remains down at least temporarily. It can't be said often enough - calm, patience and flexibility are key requirements for this period of time.
Have an excellent start to the evening,
TraderJoe
I.swear.to my elliotwaves i saw a 5 wave up in the afternoon how.will it justify a new low in sp.cash
ReplyDeleteAlthough futures converted to diagonal which then became wyz based on job report
DeleteES 1 hr - move down to 90% (could go further); either x or diagonal i ?
ReplyDeletehttps://www.tradingview.com/x/WgjaxDG1/
Flexibility, patience & calm.
TJ
new low also allows Flat, or barrier triangle, but symmetrical contracting triangle is ruled out.
Deletehttps://www.tradingview.com/x/IlQfm5sP/
TJ
Thanks for the discipline based guidance TJ. We're at a interesting fork on the road with shifting narratives on AI, oil shock, and a big miss on jobs report today.
DeleteYour guidance has recently been flexibility, patience and calm. Will you be signal to us when it's time to panic?
I should also add another gremlin out there, private credit is under redemption and write down pressure over the last week. That's an unknown, unknown type of stuff.
DeleteYep!!! I was lmfao when that rat Larry Fink was doing the rounds touting how wonderful it was that people could now use their pension funds to buy their garbage! I knew at that time something was up...now we know!! 🤣🤣🤣
DeleteSeries gaps galore...may be signaling a major change of trend beginning...
ReplyDeleteTj, I know your.disclaimers about trading here but I would love to hear from you how you use elliot waves for trading like.what sort of confirmation signals you look at in conjuction with elliot waves if you feel comfortable otherwise I understand
ReplyDeleteI previously published this relatively complete guide to this paraphrase of Ira Epstein's (broker) Guidelines for Trading.
Deletehttps://studyofcycles.blogspot.com/2015/11/paraphrase-of-ira-epsteins-rules-for.html
I have also shown how I have adapted it for intraday use on the 30-minute timeframe with exactly the same guidelines, as far as trading goes. You can read that article here.
https://studyofcycles.blogspot.com/2022/10/reminder-of-intraday-wave-counting.html
The wave count is important. I look to see where I can find the various wave patterns daily, intraday and try not to buck the guidelines above. So, for example, regardless of the wave count, I try not to go long under the 18-day, nor go short over it, etc.
First, make sure you have completely absorbed the material above.
TJ
Thanks
DeleteThanks Tj.
ReplyDeleteA new post is started for the next day.
ReplyDeleteTJ