The fact that a deeper retracement of the advance since Tuesday did not occur implies that the advance is so far not impulsive, but corrective.
SPX and Nasdaq show double-zigzag.
DJI and XMI show single zigzag.
So I1 keeps you from shorting into rising market and going long in falling market but the amount of the rise or fall varies and that’s where you use the rest of your tool box? Over the next week do we at the least need to test the 6/3 high before going into I1 6/21 sell signal?
Jack, Instead of 10,263.37 I think we will need to exceed 10,315 in order to validate my count. I don't care personally if my count is right or not but if it is then more waiting is in order.
Steve
ReplyDeleteWould this be a good place to short?
No, this is not the time or place.
ReplyDeleteSteve, please define what you mean by "not impulsive, but corrective." My definition might not be the same as yours and I want to know what YOU mean.
ReplyDeleteSteve
ReplyDeleteSo I1 keeps you from shorting into rising market and going long in falling market but the amount of the rise or fall varies and that’s where you use the rest of your tool box? Over the next week do we at the least need to test the 6/3 high before going into I1 6/21 sell signal?
The only requirement for wave 2 to complete is to exceed 10,263.37. I'll go into the count in the Weekly and the requirements for going short.
ReplyDeleteHi CJ,
ReplyDeleteCorrective means a 3-wave structure at the time. That 3-wave could transform into a 5-wave later and of course have different implications.
Jack,
ReplyDeleteInstead of 10,263.37 I think we will need to exceed 10,315 in order to validate my count. I don't care personally if my count is right or not but if it is then more waiting is in order.