Here's a DOW chart I posted over a week ago. Based on the count, I assumed that the DOW completed a zigzag (A-B-C).
I made a slight adjustment here and have the DOW completing (C) at 10481.02 on 11/25. I now have last Friday's (11/27) sell off as a wave [i] (degree still up for interpretation) and wave [ii] in progress.
I like this potential count for the following reasons:
1. Intermediate wave (C) channels (blue trend channel) well with a Minor wave 5 throw-over.
2. Price broke down out of Minor wave 5's trend channel (in red) and back into Intermediate (C)'s trend channel (blue).
3. Fibonacci price and time targets (50%) as proposed by EWI have been met.
5. Minor wave 5 is approximately .618x Minor wave 1.
6. MACD cross on the daily (I don't have it charted here), which also occurred on SPX as well.
If I am hearing you right, looking at the futures, maybe [ii] played out around 6:00 a.m. and after a little pop on the open, the markets may get a surprise [iii].
ReplyDeleteHopefully I am not just reading what I want to hear...
GL