I'm gonna go out on a limb here and call a top to minuette (ii) of minute [iii]. I believe the top chart counts well and the 10 min MACD is indicating a move lower is underway. The 15 min has crossed as well and the 30 min histograms are sporting a negative slope.
The bottom chart sports my two other counts. They are just as good a count as my primary and I would call it so as well but they both require just a tiny little move higher. For both, I'm just looking for 5 little waves higher.
At this point all three counts are close enough to the end for (ii).
It could be an exciting day tomorrow.
Hi Grand. What do you think of the argument that despite the RSI pattern, we are now in Minute [ii], and NOT (ii) of [iii]? I make a case for that alternative on my blog and would invite your comment.
ReplyDeleteI always check on your posts, and in the past often agreed with your analysis. These days, though, I find myself at odds with it. Regardless, consider: your [i] is actually iii, and your ii of [iii] is really [i]. That makes the upward correction we're in now {ii}. If it retraces the time of [i] in this scenario by a Fib 50%, it will stretch into the end of next week. Then we start [iii].
ReplyDeleteI and a few others have been doing quite will with this count to date. Of course, there's no guarantee that we or anyone has this pegged. But looking at the chart from a wider angle, this count seems to make a lot of sense. It's also been working well in conjunction with indicators on all time levels for trading.
In terms of sentiment, there are far too many people who are absolutely certain we're already in [iii] and the great plunge is coming any day. After many years, I've discovered they're rarely recognized by so many. Perhaps there's a bit of herding instinct going on among EW followers. Perhaps not.
All that aside, I continue to respect your work and visit the blog for your perspective. The point isn't always to agree, but to keep our minds open for all possibilities, and you continue to provide me with valuable food for thought.
Thanks for all the hard work and thoughtful analysis.
Blankfiend and John
ReplyDeleteThanks for commenting guys. Been way too busy today. I think you both may have a point and I will be exploring those options this weekend.