Mup, It can be a triangle or wave ii of a lesser degree. Sometime it is better to use line chart than bar chart, especially for the Dow which has large daily range. For that particular wave, I think it is Minuette Wave 4)c.3:4, so it has nothing to do with Minuette Wave 4)c.1:5. In line chart Minuette Wave 4)c.3:4 does not invade Minuette Wave 4)c.3:2 territory. Minor overlap of Bar chart may not be significant. Mu.
Yes there's a few options I know some EW'ers allow Overlap intothe "shadows" of the bars not the main bodys.. I'm still in the old school camp of no overlaps :eek: ) Hence I've had difficulty doing the 1,2,3,4's Cheers Mup
Wow, could this market look any uglier? Er has already traded below yesterdays low, YM and Es are not far behind. Each rally from the Oct. 11 high is progressivly smaller/weaker. Yes the rally from the August low was not a perfect 5 wave count, but there is no denying that the decline from Oct. 11 has a "C" wave look to it. We will soon test the August low and iif we exceed it with good volume the start of the bear market will be confirmed.
New low now. It can be Subminuette Wave 4)c.3:5v or Microwave 4)c.3:5iii.iii. If today down wave is longer than Monday down wave it should be the latter, that is Microwave 4)c.3:5iii.iii or the Subminuette Wave 4)c.3:5iii extension.
"W" pattern buy signal. Open long position, set stop at the last low. Set target at Wednesday high but ready to sell whenever there is a lower low. Keep short position for a while.
On the SPX: 1.382 x 63 points ( 1 down of "C" ) = 87 points. 1492.15 high of 4 of "C" ( a 65% retracement of 3 ) - 87 = 1405 Meanwhile, the 10 day simple MA continues down hard, coming thru 1458.00
"sHs" pattern confirmed, wait for a melt down. Status: Long "Short position" and short "Long position". Scenario 1. Crude oil $99, USD/JPY 108.23, EUR/USE 1.4814. Futures -131, -18.40, -25.25 :eek: Strategy 1. Close short "Long position" at open. Keep short position.
Tuesday up waves were overlapping so it could not be wave two and four of the same degree. The chart shows one possible count. Today will be Infrawave 4)c.3:5iii.iii:iii which may be the longest wave in Subminuette Wave 4)c.3:5iii. A > -300, -30, -60 points day is possible again :eek:, but not inevitable.