As long as important support at 139.83 isn't broken to the downside. I will keep my wave iv correction count. I must admit that it has become more complex than first anticipated, but that is absolutely common for four's waves. It is beginning to look like a flat correction, which wasn't what I was looking for due to the principle of alternation. Both wave 2 and 4 can be more or less identical i shape.
Original post below:
In my prior post today I said there was two alternatives if support at 141.49 was broken. Unfortunately I missed a third possibility namely the triangle possibility. As things look the best option at this point is, that a triangle wave iv is developing and that we have seen the first three legs and still misses the D and E leg before the final thrust up.
Could it be a descending triangle? Kinda starting to look like one....
ReplyDeleteHi Caney,
ReplyDeleteThat's absolutly a possibility. If it is that would fit the alternation principle well and better than this being a flat a la wave ii.
EWS