If this is A wave, then the ABC should unfold as a zigzag instead of a flat. So that would imply relatively shallow B wave and then a C wave that moves well beyond end of A. So the 62 percent retracement area might now hold, may go all the way to 78 percent.
thanks. I agree that if we go above 62 percent, the market would be telling us something is up, that the EW count we thought we were in is actually incorrect (because we're supposed to be at the start of a big 3rd wave and retracements shouldn't be that deep in a third wave).
that looks good, Steve. I like your count.
ReplyDeleteIf this is A wave, then the ABC should unfold as a zigzag instead of a flat. So that would imply relatively shallow B wave and then a C wave that moves well beyond end of A. So the 62 percent retracement area might now hold, may go all the way to 78 percent.
pima
ReplyDeleteMy maximum is DJI 10,533. This is the 5-minute, 380-unit M/A 1.3% envelope. Beyond this I stop myself out of the market.
thanks. I agree that if we go above 62 percent, the market would be telling us something is up, that the EW count we thought we were in is actually incorrect (because we're supposed to be at the start of a big 3rd wave and retracements shouldn't be that deep in a third wave).
ReplyDelete