MOAD

In the ES futures (and SPY CFD) 30-minute chart, is it possible we are in the Mother of All Diagonals (MOAD)? This is because of 1) the prior triangle - which could be a 'b' wave, 2) the new overnight high, and 3) the current numerous overlaps as the 'first-of-the-month money' has helped send price to capture the intraday 18-period SMA at least temporarily. There are also some downward fractal breaks to consider.

ES/SPY (CFD) - 30 min - Intraday Wave Counting Screen

At the present time, the diagonal could point either lower or higher (with higher currently shown). But the invalidation of the upward diagonal is clearly shown.

Have an excellent rest of the day.

TraderJoe