The 220-day M/A agrees with my earlier DJI projection. The 220-day is 10,330 but has an envelope of 150 points, say max at 10,480 vs. 10,460 based on the rectangle. This will be the final push even though it required going to an alternate count.
2 days ago I thought the top would be under 10,407, the high last Tuesday. I had to go to an alternate count which allowed for a double zig-zag from the 7/2 low.
Steve, speaking of alternate counts, how confident are you that this isn't the end of Minor II, and this move down next won't be Minute 1 of Minor III?
Either way, I1 hasn't failed since I've been reading this blog (for which I give my greatest THANKS). Just checking your confidence level in the wave count.
Josh, Now that my daily technical composite is back to neutral I am very confident that the 10,594 peak currently wave Minor2 will not be exceeded. The technical background has been weighing on my mind, conflicting with the bearish caste to the old counts. Now that it is resolved (see the Weekly) I feel much more confident in the count.
Josh, I am only confident until the next I1 bottom date. If this downturn is very sharp then the I1 recovery into mid-August still will not alter the count. That's because I don't expect the market to hold up all the way into mid-August.
Steve
ReplyDeleteThat move should have brought the technical buy signal off.
Jack C
How does the current market play into your forecast of the top from 2 days ago?
ReplyDelete2 days ago I thought the top would be under 10,407, the high last Tuesday. I had to go to an alternate count which allowed for a double zig-zag from the 7/2 low.
ReplyDeleteSteve, speaking of alternate counts, how confident are you that this isn't the end of Minor II, and this move down next won't be Minute 1 of Minor III?
ReplyDeleteEither way, I1 hasn't failed since I've been reading this blog (for which I give my greatest THANKS). Just checking your confidence level in the wave count.
Josh
Josh,
ReplyDeleteNow that my daily technical composite is back to neutral I am very confident that the 10,594 peak currently wave Minor2 will not be exceeded. The technical background has been weighing on my mind, conflicting with the bearish caste to the old counts. Now that it is resolved (see the Weekly) I feel much more confident in the count.
Josh,
ReplyDeleteI am only confident until the next I1 bottom date. If this downturn is very sharp then the I1 recovery into mid-August still will not alter the count. That's because I don't expect the market to hold up all the way into mid-August.