an 'abc' correction generally will have either a 5-3-5 or
3-3-5 form where wave 'a' is either 3 or 5 wave 'b' is always
3 and wave 'c'is always 5...basic EW labeling....
so in the case of this C wave it would be an 'abc' with
potentially a 3-3-5 form with 'c' of C yet to come...but it has to
start soon and 'b' has to top NOW....just over .786, actually very
close to .886 now.
It looks like 1002 is still a top -- Matt's chart with a trend
line was enlightening -- and you are expecting wave C to go down to
1073ish, if I follow you. What scenario does it fit into? Thanks
for your comments!
today's bounce
Posted by perthx on 25th of Feb 2010 at 03:18 pm
today's bounce still looks like wave C in action:
first 'a' of C from 1106.42-1086.02
then 'b' of C from 1086.02- 1101.72 [we might get a push to 1103.73]
with 'c' of C to come
so C would be 3-3-5. Tempted to go short here. Time wise that would make a bottom late tomorrow early Monday if A=C time wise.
perth, What's 3-3-5?
Posted by junkie on 25th of Feb 2010 at 03:42 pm
perth, What's 3-3-5?
basic wave count of an abc correction
Posted by perthx on 25th of Feb 2010 at 03:45 pm
an 'abc' correction generally will have either a 5-3-5 or 3-3-5 form where wave 'a' is either 3 or 5 wave 'b' is always 3 and wave 'c'is always 5...basic EW labeling....
so in the case of this C wave it would be an 'abc' with potentially a 3-3-5 form with 'c' of C yet to come...but it has to start soon and 'b' has to top NOW....just over .786, actually very close to .886 now.
this could all wrong and up we go from here!!
It looks like 1002 is
Posted by junkie on 25th of Feb 2010 at 04:00 pm
It looks like 1002 is still a top -- Matt's chart with a trend line was enlightening -- and you are expecting wave C to go down to 1073ish, if I follow you. What scenario does it fit into? Thanks for your comments!
A 3-3-5 would be a
Posted by steve on 25th of Feb 2010 at 03:45 pm
A 3-3-5 would be a flat for his wave C. That would consist of 3 waves down 3 waves up and then 3 waves down to complete C under his scenario.
what does that mean would
Posted by rkelman on 25th of Feb 2010 at 03:49 pm
what does that mean would you short here on resistance
rkelman - the answer to
Posted by steve on 25th of Feb 2010 at 04:00 pm
rkelman - the answer to your question is yes if you believe in that scenario since the next leg would be a hard move down.
However, that may not be correct (as I've shown other alternatives).
do you have any shorts
Posted by rkelman on 25th of Feb 2010 at 04:03 pm
do you have any shorts on