Posted by junkmaylbox on 26th of Feb 2009 at 05:53 pm
Matt, What is the target for the wave 5 of 3 or of 5 now? Is the
the same as 720ish that Steve mentioned in yesterday's update? And
does the target depend on how you choose to label the current wave
(3 or 5)? Thanks in advance.
720 is one Fib projection and interestingly that also
corresponds with wave 5 equaling the length of wave 1 so it is a
logical area as wave 5's are often about equal to wave 1.
However, remember
it doesn't have to go there. Wave 5's most of the time make
new lows, but they
can also truncate with
only slight new lows or simlpy a retest.
I would like to see the stochastics get oversold on the 60 min
chart, when that happens, keep a tight watch on shorts, remember
the saying sqeezing blood out of a turnup
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Target for wave 5 of (..)
SPX 60 min chart.png Here's the wave count we have been ...
Posted by junkmaylbox on 26th of Feb 2009 at 05:53 pm
Matt, What is the target for the wave 5 of 3 or of 5 now? Is the the same as 720ish that Steve mentioned in yesterday's update? And does the target depend on how you choose to label the current wave (3 or 5)? Thanks in advance.
720 is one Fib projection
Posted by matt on 26th of Feb 2009 at 06:25 pm
720 is one Fib projection and interestingly that also corresponds with wave 5 equaling the length of wave 1 so it is a logical area as wave 5's are often about equal to wave 1.
However, remember it doesn't have to go there. Wave 5's most of the time make new lows, but they can also truncate with only slight new lows or simlpy a retest .
I would like to see the stochastics get oversold on the 60 min chart, when that happens, keep a tight watch on shorts, remember the saying sqeezing blood out of a turnup