DJI and SPX formed triangle as 2nd wave. So far no 5-waves up. If it breaks up then a 5-wave will be the form. Holding with no change in stop, DJI 25 points above the highs of the day.
EW doesn't allow triangle as second wave. If there is truly a triangle here and IF this is truly a second wave, then the triangle must be in the B wave of the ABC that makes up the 2nd wave. (Triangles are always next to last wave of a sequence, so 4th wave or B wave of ABC.)
But maybe that's what you meant by the triangle breaking to upside, no? Because the triangle would be the B wave, then the C wave must follow and that would be UP. :-)
On the other hand, is it possible that the move down early this morning was only 3 waves and that this long drawn-out sideways action since then is wave 4? I guess we will know soon enough. If the triangle breaks to the upside, it's the C wave of wave 2. If it breaks to the downside, then it was wave 4 and the downside break would be wave 5.
EW doesn't allow triangle as second wave. If there is truly a triangle here and IF this is truly a second wave, then the triangle must be in the B wave of the ABC that makes up the 2nd wave. (Triangles are always next to last wave of a sequence, so 4th wave or B wave of ABC.)
ReplyDeleteBut maybe that's what you meant by the triangle breaking to upside, no? Because the triangle would be the B wave, then the C wave must follow and that would be UP. :-)
On the other hand, is it possible that the move down early this morning was only 3 waves and that this long drawn-out sideways action since then is wave 4? I guess we will know soon enough. If the triangle breaks to the upside, it's the C wave of wave 2. If it breaks to the downside, then it was wave 4 and the downside break would be wave 5.
ReplyDelete