SPX does look like it's working on a 4th wave here. The trouble is, though, that when the 5th wave is done, it looks like it will fall short of the upper TL. So I'm wondering whether these 5 waves could be wave 1 of c of 5 of the ED??
I have always liked ED's because they signal the end of a move and portend a strong and rapid reversal when complete. The trouble with them is they can fake me out, I count the wave structure complete only to find the ED continuing... what I had counted as wave 5 is actually wave 3, etc.
This one is no different. Do we count the move up from the July 2nd low as the first wave of the ED or as wave A of the corrective pattern, which would make the ED begin at the July 20th low? If it's the latter, then we are in the 3rd wave of the ED, not the 5th. And, the whole thing might not be an ED after all, but instead some kind of complex corrective wave, double 3 or double zigzag (or triple)!
SPX does look like it's working on a 4th wave here. The trouble is, though, that when the 5th wave is done, it looks like it will fall short of the upper TL. So I'm wondering whether these 5 waves could be wave 1 of c of 5 of the ED??
ReplyDeleteI have always liked ED's because they signal the end of a move and portend a strong and rapid reversal when complete. The trouble with them is they can fake me out, I count the wave structure complete only to find the ED continuing... what I had counted as wave 5 is actually wave 3, etc.
This one is no different. Do we count the move up from the July 2nd low as the first wave of the ED or as wave A of the corrective pattern, which would make the ED begin at the July 20th low? If it's the latter, then we are in the 3rd wave of the ED, not the 5th. And, the whole thing might not be an ED after all, but instead some kind of complex corrective wave, double 3 or double zigzag (or triple)!
I'm posting my count in 3 charts. I think we just completed Sub-Micro2 of Micro4. Let me know, OK?
ReplyDelete