The currently wedging and overlapping SPY (5-min) has filled its opening gap up, and filled its prior gap in the down direction, as in the chart below.
 |
| SPY (Cash) - 5 min - Wedging |
The pattern needs to be watched to see if it breaks upward or downward with conviction.
Have an excellent start to the day.
TraderJoe
Wedge has broken down to the lower parallel with a 'longer' wave in price than the previous down wave. This should end any contracting diagonal upward.
ReplyDeletehttps://www.tradingview.com/x/NoaWGsSZ/
TJ
..and another downward overlap. TJ.
Deleteimpulsive break of prior low to add confirmation.
Deletehttps://www.tradingview.com/x/CGTNYO77/
It may be possible to visit the prior low from this likely a-b-c, up.
TJ
Down below the prior Ⓑ wave, now, and approaching the prior low. The Principle of Equivalence applies until there is a valid fourth & fifth wave lower (i.e. blue iv & v). Otherwise, just blue a,b,c.
ReplyDeletehttps://www.tradingview.com/x/0ZVidWbr/
TJ
SPY (Cash) 5-min: there are now five (slow) non-overlapping waves down, especially in the futures. Futures did not overlap. Cash 'touched', but did not really overlap.
ReplyDeletehttps://www.tradingview.com/x/7qvTopTa/
Still not below the prior low, and watch to see if the middle wave is not the shortest.
TJ