With apologies to Sir Rod for the title, there is a decent chance the ES futures may form an expanding diagonal in the downward direction. The 2-hr closing-only version of the chart is below just to show the form of the wave, but most of the components are in place in about 130 candles.
To complete such a pattern, there would need to be a new daily lower low and a fifth wave that is lower than and longer than the third - tentatively shown above.
IFF the pattern can not complete downward, and moves to the upside, that would leave only a clear three-waves-down and we would have to consider as alternates some extended fourth wave patterns (like a double-flat, triangle, or even diagonal upward) in a larger daily upward move. But, right now, it is what it is. It counts like it does. So, I'd rate the odds at about 55-45% lower because one could ask the question, "why did the structure form at this time exactly the way it has?"
There is further a recognizable pattern on the Elliott Wave Oscillator (EWO) with the expanding trend lines, so let's see how it goes.
Have an excellent start to the night (day).
TraderJoe
SPY (Cash) 1 Hr: this index has closed a down gap, as below.
ReplyDeletehttps://www.tradingview.com/x/PlDtYOpF/
TJ
It seems first of months funds got allocated from yesterday bcz of shortened trading week.
DeleteThanks Tj. I see a print of 7495.75 after opening just saving overlap from morning.
ReplyDeleteES/SPY (CFD) 30-min: from the intraday wave-counting-screen, after two consecutive closes outside the upper band (odds 4 - 6%), there has been a close inside the band; resetting the number of consecutive closes.
ReplyDeletehttps://www.tradingview.com/x/ZcfB4ZGJ/
TJ
TJ - Is this kind of nesting illegal?
ReplyDeleteSPY Daily Bar chart. Labels as placeholders only.
https://schrts.co/fInYNZzB
It breaks degree definitions because no matter where I put wave i down in the second down wave (except near the top), then i, down, is longer 'in time' than 1 down, the higher degree wave in the same direction. I tried several locations for i. No bueno. TJ.
DeleteThanks
DeleteWhat pattern? "There is further a recognizable pattern on the Elliott Wave Oscillator (EWO) with the expanding trend lines"
ReplyDelete