As mentioned in my previous post on this potential count, I have added two charts highlighting the Fib relationships of the expanded flat for wave 2 in both degrees.
The Fib relationship of minuette waves (a), (b) and (c) meet most of the EW guidelines. The only issue would be wave (b)'s relationship to (a). It is 1.83. This is a little high since the guidelines are generally 1-1.38.
The Fib relationship of subminuette wave b to a is 1.43. Subminuette wave c, if almost complete, would be 1.618 to a. Once again, these are decent Fib relationships per the guidelines.
The other two Fib relationships that meet the EW guidelines:
- Minute [ii] retraced minute [i] approximately 61.8% (found on daily chart; blue Fib lines).
- Minuette (ii) is looking to retrace (i) approximately 78.6% (found on 60 min chart; green Fib lines)
The alternate count, of this one potential count, is that the move off the 1044.50 bottom is a 5 wave impulse representing minuette (c) of minute [ii].
If 1112.42 is taken out the subminuette count [waves (i) and (ii)] is off the table. This would bring the alternate count mentioned above into play and of course if 1150 is taken out, this is all off the table.
Trendlines and channels may have been drawn in that indicate resistance levels at these targets. I chose not to do so at this time because I wanted to keep this chart as clear as possible (plenty notations already).
I believe most readers have seen the trendlines and channels I have placed in my previous charts as well as what other bloggers have been posting.
Either count would work for the bears and would imply a wave [iii] or (iii) is coming up shortly.