A Closer Look
A Much Closer Look
So far price has continued to move along the projection (arbitrary of course) lines I plotted earlier in the week with some minor adjustments(See post). The right shoulder appears to be developing as projected, but we won't get ahead of ourselves here.
Without a doubt there is still no resolution for either the bulls or bears. The count may still go either way.
At this point in time, my count is for the bears. Until the bulls can prove otherwise, I would expect some resistance at 1018 before a reversal lower.
So what happened since yesterday? I can only guess that minuette (i) of P3 completed at the 994.37 low.
The rise from this bottom carries two potentials:
1. For the bearish count, I will take Dan's count here and apply a double zigzag for minuette (ii). This count looks like it may work. We will know shortly on Tuesday.
2. On the bullish side, we may have witnessed the beginning of minute [iii] for Minor C to complete P2. The wave can certainly be counted as a potential 5 wave impulsive structure, especially if you look at it on a 15 min chart and higher.
One thing that appears to be clear towards the close is that the final subminuette v is most likely going to end with an Ending Diagonal.
Things I'll be looking for next week.
1. A break below 978 will confirm the bearish count is still in play and rule the current bullish count invalid.
2. A break above 1039 and the bullish count is confirmed.
Happy Labor Day! Get the grill out!
i just saw your question now on your last post,
ReplyDeleteOf course my only help here is to tell all of you not to go short, i live from trading and i am not to reveal my secrets, but you are kind,
do you remeber i told you W4 are impossible to count,,,as usual i lied,give me your email and i will show you how to trade a rounded bottom. Of course you will not post it.
Tell those your friends not to worry for the higher high on the minis today...it is only a "State of mind" pffffffffffffffff
And by the way ask them again to read about asutrian liquidity cycle before they talk about liquidity, and in general ask the to stop talking about econometry, that is reserved for those with a degree in econometry, better if they have a six years degree of econometry and stadism.
If They keep on talking about econometry i will beguin to post on your blog mathematical formulas for liquidity, prices leves, M and inflation, and no one wants that we get to that point? or do they? do they want a macroeconomy lesson for free?