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.
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| 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
SPY (cash) now has a new higher high. TJ.
ReplyDeleteThe End is Nigh
DeleteES/SPY (CFD) 30-min: downward overlap again.
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TJ
...also in the June ES futures, move the invalidation for the current upward diagonal 'up' to 7,586, from 7,576, as the down wave would become longer than wave purple (ii) and this would break the rules for the current potential contracting diagonal.
DeleteTJ
SPY (cash) hourly - just fyi - the intent of this chart is to show a secondary channel, and gaps at 50% and 62% from the current measurement. (It's not relevant yet, but if this were just an a-b-c, up, then if a much larger down wave happened, it might lead to a much larger diagonal structure. That is completely in the future, yet.)
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TJ
CN you put the chart to clarifying the diagonal you talking about?
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