Tuesday, July 28, 2009

Minute V Completion At Last?



I had to make an adjustment to my previous triangle labels.

http://waveprinciple.blogspot.com/2009/07/minute-wave-iv-triangle.html

I didn't think wave c was quite right. Based on the action today, what I thought was the thrust wave after wave e did not act the way a thrust wave should. Typically, the final thrust would be just that, it would have broken out and up through the upper trend line. The wave we saw today near the close was very slow and hesitant, not typical of a thrust.

I am going to label this as a wave 'd' in progress, however, tomorrow's action could very well remove that if it happens to thrust out at the open. I am guessing this will not be the case.

What I believe will happen is wave 'd' should complete, just within the upper trend line, a reversal will occur and develop wave 'e'. Wave 'e' should fall to within the lower trend line. Once there, we should expect our thrust wave and complete minuette 'v' of minute 'v'.

I have placed some targets based on expected thrust lengths for triangles and on typical EW wave relationships (in this case wave v = wave i). Both targets are within 2 points of one another, pretty darn close.

Let's see what happens in the next day or two.

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