robincage1 - post your chart with labels and I will comment.
I DON'T favor such a count since your Wave 4 up has already
retraced so much. Normally wave 4's only retrace 38% of the
wave 3 down and this rally has done much more. It could be a
larger 2nd wave and we are starting Wave 3 down for the bearish
view. Honestly, there are many scnearios at this stage and
it's best to focus on price until more evidence is presented.
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bounce? and wave count
Posted by robincage1 on 14th of May 2010 at 10:22 am
wave counts have been mentioned less lately, and i am not an EW technician,
but if we have been working on Wave 4, wouldn't that have an ABC up, and wouldn't this leg be the B, before one more bounce up.... then the wave 5?
if so, we could go up early next week and then resume the downtrend? of course, a major down day could answer that.
robincage1 - post your chart
Posted by steve on 14th of May 2010 at 10:29 am
robincage1 - post your chart with labels and I will comment. I DON'T favor such a count since your Wave 4 up has already retraced so much. Normally wave 4's only retrace 38% of the wave 3 down and this rally has done much more. It could be a larger 2nd wave and we are starting Wave 3 down for the bearish view. Honestly, there are many scnearios at this stage and it's best to focus on price until more evidence is presented.