Okay Fred here we go
Looking at the weekly charts the best fit (prefered count) is that we are currently tracing out wave 4 of [3]. The shape of wave 4 is most likely to be a flat or a triangle, that would alternate from wave 2 (principle of alternation).
We are close to finish wave B of 4. If wave (v) equals wave (i) we should find an ideal top at 68,307.61 and if wave (v) is 61.8% of wave (i) thourgh (iii) the ideal top should be found at 68,306.99. Therefore the current high at 68,059.65 could be enough to fullfil the possible targets (we are within 0.5% from the targets).
Looking at the relationship between wave 1 and 3 of wave[3] wave 3 is 4.236 times longer than wave 1. So we can expect wave 5 of [3] to equal wave 1 of [3] in percent traveled (318%), which would make wave 5 of [3] top at 93,603.
Looking at the daily chart I have concentrated on the ongoing (or just finished) wave B. It has become a double Zig-zag, where pink wave c was equal in length to pink wave 1. Blue wave c where equal in length to blue wave a at 67,655.76 so the current top at 68,059.65 has exceeded the ideal target by 0.59%, which should be totally acceptable.
Finaly looking at the last chart (hourly) we can see a clear five wave rally with a small new high at 68,059.65 so the most important demand - form, has been fullfiled. First serious clue that the top is in place is ofcause a five wave drop, breaking below 64,224.65 (wave 1) and a three wave counter rally (wave 2).
The conclusion is, that we most likely have seen a top of wave B of 4 or the top will be in shortly for a wave C down for a move below wave A at 29,435.11 for an ideal target at 23,574.38 (flat), but a triangle will have wave C stop at 40,567.72
I really appreciate you doing that.
ReplyDeletePrinted, archived; I'll save it for a long time.
I've got a couple small short positions there, looking to build it if we get the 5 down and smash that 64,224.65 on a nice volume.
Thank you again, for sharing your thoughts.
Take care,
Fred.