of stock market psychology
Instead, I would count this move up as impulsive from yesterday's late day low. We have completed (or very nearly completed) either the entire 5 waves of that move, or we could be at/near the completion of wave 3, with waves 4 and 5 to follow. I hope it's the former because I am ready for this market to tank!
Hi Steve,Are you still looking at this move up as Wave 2, given that it has made a new high? Thx.
pimaI agree that the move is a completed 5 wave from yesterday's low. The wave count above is after the orthodox high. So this 5-wave up is the c wave to complete the wave 2 correction of what I believe is a 5-wave down from Tuesday. Wave 2's are tricksters and look like they will bust loose.
So you're using EW here in a modified form? You are letting I1 tell you when the orthodox top is and then if the retrace slightly exceeds that (wave 2 moves to a price that's beyond the beginning of wave 1), you do not relabel your count, even though EW does not allow wave 2 to retrace beyond the beginning of wave 1.Why not just relabel the waves according to EW rules?