before another downleg occurs in this C Wave on the Hourly Charts? Looks like the SPY 99.00 high of August 4 has lead to a 5-wave decline, with Wave 3 having ended at yesterday's close and a Wave 4 counter-trend rally occuring today. A peak right around today's highs would give a minimum objective of 96.10 for the end of Wave 5.
waggie' I am wave ignorant, among other topics, and am wondering about your post. My question is, are the highs and lows getting higher or lower, or in wave theory it doesn't matter? Thanks.
The highs and lows aren't as significant as where you are in the Wave Count, which is analogous to looking at the Trees in The Forest. I'm not really concerned about the HEIGHT of the Trees. What is relevevant are the TYPES of the Trees. There are IMPULSE WAVES and there are CORRECTIVE WAVES. which consist of 3 smaller waves. The current decline off the highs looks like a CORRECTIVE sequence to me, one that has further to go on the downside, hence this is just a bounce in an overall downtrend. http://www.elliottwavemarkettiming.com/dji/djist.html