So what about this alternate count that I have. How should we expect to count it?
Let's just say this is the beginning of a new five wave structure down from the 1018 high at Minuette degree. We have Minuette i and ii completed and may be looking at Minuette iii starting today. If this is a Minuette iii, for some reason the structure resembles a 1-2, 1-2 wave pattern.
I was looking for some type of correction off today's bottom but that never fully materialized. On the 30 min chart, that corrective wave resembles a flat.
Here I'm labeling it as a possible SubMinuette ii as part of the 1-2, 1-2 structure. What does that leave us with then? Possibly a Minuette iii tomorrow after Sub Minuette ii completes?
The shape of this structure down thus far almost resembles the structure on the way up since the July low. Though this has nothing to do with EW/TA, it just seems like it would make for nice symmetry.
And what would all this mean? Lower prices than the anticipated 960.
Just something to think about...
I like your count, I think this does look like a five wave structure down. This would be consistent with the up structure. Only question is if it looks good to someone like me, who is still new to counting waves, is it too predicable? My experience with the market is that when things look too easy, they usually are.
ReplyDeleteMaybe I should have covered shorts last night and bought back in this morning, but I think that I will just hold for now and see what happens.
Thanks for the ideas!
GL
msswamprat,
ReplyDeletethx for the feedback. regarding this being too predictable, i'm not quite sure at the moment because my sense of the ew bloggers out there is that it is not a 5 wave structure.
that alone makes me think either they are thinking the same as you and not providing much weight to it or they just can't count a 5 with the structure. so who knows it very well may surprise us all.
i wouldn't discount what you see either even if you are new to this. basically if you are seeing it, that is probably what it is. ewp says believe in what you see not what you want to believe to see.
let's see if that new fibonacci confluence at 965 plays out.
GL to you too!