Posted by pintopower on 26th of Jun 2014 at 03:23 pm
Are you still looking for a larger 4th wave move to the downside
or is the action over the last couple of days finish it? I
didn't see any mention of it in last nights newsletter.
had to say at this point, it's had a simple abc pullback and has
done the minimum, and this could still be part of a larger degree 3
so would then push higher and the larger 4th wave has not yet
happened. Note this pullback is shallower than the one from
June 9th. Over time the wave structure suggests more highs over
time. This pullback could be done or could just correct more.
Either way I thing the moves up will be more choppy vs powering up
hard
for example here's the wave count you were asking about, you're
assuming that wave 3 is in place and this is wave 4 in blue,
however wave 3 in blue may not even be in yet, hard to say.
If that was wave 3 then the pullback would be too shallow as
it would have to be a larger degree than the wave iv in green, but
again let's not get over complicated with counts, we can use as a
guide and monitor, what works best for us is to monitor price
action
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Matt/Steve - spx
Posted by pintopower on 26th of Jun 2014 at 03:23 pm
Are you still looking for a larger 4th wave move to the downside or is the action over the last couple of days finish it? I didn't see any mention of it in last nights newsletter.
thanx,
had to say at this
Posted by matt on 26th of Jun 2014 at 03:47 pm
had to say at this point, it's had a simple abc pullback and has done the minimum, and this could still be part of a larger degree 3 so would then push higher and the larger 4th wave has not yet happened. Note this pullback is shallower than the one from June 9th. Over time the wave structure suggests more highs over time. This pullback could be done or could just correct more. Either way I thing the moves up will be more choppy vs powering up hard
for example here's the wave
Posted by matt on 26th of Jun 2014 at 05:14 pm
for example here's the wave count you were asking about, you're assuming that wave 3 is in place and this is wave 4 in blue, however wave 3 in blue may not even be in yet, hard to say. If that was wave 3 then the pullback would be too shallow as it would have to be a larger degree than the wave iv in green, but again let's not get over complicated with counts, we can use as a guide and monitor, what works best for us is to monitor price action