Phasers on Stun! The whippy after-hours trading caused by galactically stellar earnings beats & misses appears to have created a sub-wave as follows on the 4 Hr chart of the ES/SPY (CFD) below.
On the prior post I didn't draw the parallel in for nothing. This count was possible by reducing the degree of the diagonal by one degree and suggesting that it might be a leading diagonal. Notice that ii is smaller than (iv) in price and time, so the degree labeling still works.
We don't 'know' that this parallel is the case yet but a clear invalidation level for the count exists. Remember, tomorrow is the last day of the month which often, not always, sees end-of-the-month window dressing before the potential first-of-the-month passive inflows from the usual sources.
Have an excellent rest of the evening. Be cautious, patient, calm and flexible this evening as traders around the world - in all time zones - give Chairman Powell his Intermezzo Curtain Call.
TraderJoe
ED's glaring refusal to retrace to origin in "less time" did get my attention as a potential harbinger of bullish tides. Lol!
ReplyDeleteOne of the things I am learning to appreciate about EW is that there is ALWAYS a number that tells you a count is incorrect. I really have learned a lot from TJ in this regard as he, unlike most so-called EW analysts, faithfully adheres that maxim. I ditched my EWI subscription a lifetime ago when it slowly dawned on me that they cared/knew nothing about expanded flats and invalidation points. Just saying...
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