I counted stocks as completed abc up yesterday, but the decline yesterday afternoon was too large to fit into any count other than a 5 wave. The 5 this morning either completed the abc up (as I expect) or was the first of an ongoing 5 up.
DJI stretched my .25% rule, going up 27 points over Wednesday's orthodox high 11,152.
well, I guess we got our answer. The move up this morning looks like it was just the first wave up of 5 up. It's likely that this new 5 up that is in progress is the 5th wave of the move up that began at Tuesday afternoon's low.
ReplyDeleteIf that's the count, because the 3rd wave is slightly shorter than the first (but they are almost equal--within a fraction of a point of each other), that would imply that this current wave should end at 1191 cash SPX or lower (cannot be longer than the 3rd wave because the 3rd cannot be the shortest wave and wave 1 is already slightly longer than wave 3).