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"
ReplyDeleteThe pattern is the expanding blue lines in the lower panel of the above chart. That expansion is a clue to a) expanding diagonals, b) expanding triangles. TJ.
DeleteA new post is started for the next day.
ReplyDeleteTJ