3-wave up complete cash and futures. The wave a contained a little ugliness but it holds up to scrutiny.
It is imperative that this remain a 3-wave up. The DJI high is 10,333. Give it 18 points for a stop at 10351. This is where I'll stop half the position.
Your count makes sense. However, could we also count it as 5 waves up?
Where you have wave "a", instead label that at the end of 3. Where you have "b", label that as end of 4. Where you show "c", label that as 5.
The thing I'm wondering about is whether 5 waves down from the top of last week completed at this morning's low and now we are in a corrective move that could go quite a big higher, to around 50 percent retrace of entire move down...??
That's what the stop is for. The cash show a big drop out of the Minuette4 congestion. The futures don't show this; they show a minor new low. Both cash and futures count a clear 3 wave down to this morning's low. Until I see a 5 wave down to a new low I have to assume that Minuette4 is still in play.
Your count makes sense. However, could we also count it as 5 waves up?
ReplyDeleteWhere you have wave "a", instead label that at the end of 3. Where you have "b", label that as end of 4. Where you show "c", label that as 5.
The thing I'm wondering about is whether 5 waves down from the top of last week completed at this morning's low and now we are in a corrective move that could go quite a big higher, to around 50 percent retrace of entire move down...??
That's what the stop is for. The cash show a big drop out of the Minuette4 congestion. The futures don't show this; they show a minor new low. Both cash and futures count a clear 3 wave down to this morning's low. Until I see a 5 wave down to a new low I have to assume that Minuette4 is still in play.
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