I know you didnt ask me but it would be fun to give it a shot. I suspect this down leg will bounce between 950-977area (near the RTL of this bull retrace), make a push back up to 1000 area and then subsequently crash. I will be watching the commercial traders accumulate their positions in these areas for the exact turning points.
... that's the way sequences unfolded (for me; and the down tape / traverse / channel ended on bar 13); a pt3 up (of what?) on bar 8 (or 7) doesn't make sense (to me, again), but if it worked for you (did it?) it's ok
This attachment will answer all your Q's. I used this three times during the first ilustration I put up to show about 30 signals. Clean Page 4 (CP4) is used to determine what you asked about. A fractal order of events some times has to be place in the former fractal when the topic situation is encountered. This is how fanning the RTL happens and this is the scientific reason for fanning the RTL. Look for medium weight green horizontal lines. This are the horizontal line shown in CP4 which delineates "regions" of the future. The first complete BBT (black) shows the green line was not tested and so the second red BBT ensued. The left green line is the question you raise. As you see the FTT of the black BBT cannot be used when the green line is violated by price rising above horizontal relative to the FTT. (it would put the RTL on the left side of the forming BBT. So we include the next few bars in the Black BBT and look for a new FTT. On the snagit, you can see it a couple of bars later and you fan the black RTL down a little to be sure you have the "trough volume straight on the next R2R at point 2 of R2R. Fortunately, I am going away for a week or so and in a while they will be replacing my eye lens's one at a time so I am not so visually impaired. This involves surgery, frequent treatments and testing and eye rest. So I will no longer be very active in public. So as soon as you have the FTT, slip in a green line and fan the RTL if you need to. For any problem that is "unobservable" on the ES, slip over to the YM for an observable answer. Trading comes down to "knowing that you know" all the time and the simple test is "being on the right side of the market". There are no anomolies and the market is totally noise free. All work in trading is binary in nature and certainty is always maintained by sufficient data sets. QED. For the ultimate contrast of this science oriented approach and "descretionary trading"; read big hogs first two posts backed up by his recent guru chatter.
LOL.... If you look very closely at your upper chart bar 8 you see my greem line just beginning on the FTT.
So I stepped back to spend time with the wifey and my thread becomes a Jack Hershey slogathon. I won't have it. I can appreciate Jack participating, but this has gotten too out of hand and is irrelevant to my personal trading. I plan to ask Magna to break the thread, namely the last four pages to another thread, and we'll pick up here.
Anyway, onward and upward: QLD Projection: 47.8909247178298 QLD Close: 44.5800018310547 QLD Projection: 45.325817454945 QLD Close: 44.5800018310547 QLD Projection: 45.8616188412621 QLD Close: 44.5800018310547 I was in QLD at 43.66 with a model price of 43.68 and I think I'll chalk up another bit of positive slippage to my broker, Fidelity Investments, and will be exiting QLD tomorrow. It's up about 2%, and made a nice rally toward the end of the day.