02/04/2012 Comments are welcome! P.S., I'll be out of town next whole week and won't be able to reply to any PM or comments.
C.3 = 84 (1333-1249) C.5 could be: 1300+84=1384 if C.3=C.5 C.5 could be longer than C.3 (as long as C.3 is not the shortest was in C) If C.5 ends at around 1384, the ideal correction target for C is where the previous 4 ends (C.4, i.e., 1300 area) The ending of C.5 is the ending of wave-C. After that a wave-D could be formed. We don't know if wave-D will be in regular or irregular correction form until we see the market's behavior.
johnny2pips - Thanks for commenting and the suggestion. Please take a look the very first post of this thread, and it will give us an idea about the convention of my wave labeling. It is actually much easier to read and much less confusing than that of most famous EW techinicians. Yes, I agree that "it doesn't make much difference" on different labeling ways because we EW techinicians speak the same language - impulsive vs corrective waves.
So you see that 1320 did not show any sign of climax or exhaustion ... and I have been updating the wave count every weekend. Now here is just my guess that a big correction is going to start this week.
nim1984 - Thanks for commenting. The wave-E scenario was based on the assumption that wave-D must be in a 3-segment movement. Today's price action shows that the purple line scenario is more possible because our previous wave-D has become a 5-segment wave which means that it is not a wave-D any longer. Talking about a triangle, it does not need to be perfectly descending, ascending, nor symmetrical, as long as it is a triangle. Hope this help.