Wednesday, July 29, 2009

Minute V Projection




My projection for minute v has not changed. There was a little adjustment with regards to minute v = minute i though. With minute v = minute i, my first target is approx 987. This coincides nicely with the thrust length out of the triangle, which also places minute v near 987.

Something else I find intriguing is what I posted earlier today on Dan's blog:

WaveTrader said...

" these fibonacci projections have not proven accurate for me yet but i will throw this out there. based on the structure so far from this am's low (970.13), there is a little cluster near the 988 level.

if projecting with fib truly correlates with EW, this level may have some significance for today. Heck, I think that also correlates with some other fibonacci relationships (wave v = i, kenny's projection and etc?)

i guess we will see.
July 29, 2009 10:19 AM "

http://danericselliottwaves.blogspot.com/2009/07/elliott-wave-update-28-july.html?showComment=1248901758484#c2308454903169221872

At the time, the projection was made at approx 9:40 am est. I thought I was seeing a new impulse. Of course as the day progressed, the structure changed, headed lower and confused all (well, at least me).

Now, as things are a little clearer, that projection may prove to be a prescient one. We will see.

Fyi, I moved the label for minute iii to correctly reflect the structure.

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