Posted by DigiNomad on 22nd of Dec 2023 at 03:55 pm
Wave count shown is invalid because wave 4 overlaps wave 2. Is
that correct or is it on a closing basis? If correct, does that
make this more likely a wave 4? (oh wait, there was a spike down
into wave 2 in that scenario also. Lol)
4 overlapping in to 1 territory just makes it a diagonal move
rather than impulsive. Diagonals tend to end in swift
large retraces rather than corrective ones.
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Wave count shown is invalid
Posted by DigiNomad on 22nd of Dec 2023 at 03:55 pm
Wave count shown is invalid because wave 4 overlaps wave 2. Is that correct or is it on a closing basis? If correct, does that make this more likely a wave 4? (oh wait, there was a spike down into wave 2 in that scenario also. Lol)
I would have wave 3
Posted by mugsy on 22nd of Dec 2023 at 03:57 pm
I would have wave 3 where your 5 is and that last spike as a 4
Thanks. That was my second
Posted by DigiNomad on 22nd of Dec 2023 at 03:58 pm
Thanks. That was my second scenario....but the spike does overlap wave 2.
4 overlapping in to 1
Posted by mugsy on 22nd of Dec 2023 at 04:54 pm
4 overlapping in to 1 territory just makes it a diagonal move rather than impulsive. Diagonals tend to end in swift large retraces rather than corrective ones.