I'm still messing around with the micro counts for this wave iv correction. We saw a nice throw-over, but the failure to break below 142.62 has kept the correction alive. The final part of the correction has become a ending diagonal, which should be over and the next move down to begin soon. The current set-up could result in a shape and deep decline when we break below 143.26.Looking at the internals wave C has become 1.618 times longer than wave A. Almost to the pip.
One final note we must not see a break above 143.62 as that would leave us we an overlap between wave i and iv, which is not allowed.
Hi EWS,
ReplyDeleteYou are obviously very good at this. Do you recommend any particular books or sites to help improve my own ability to see these counts?
Thanks
Hi surfer, just wondered what the count was now that we touched 144.00 again during Asian session, thanks
ReplyDeleteHi John
ReplyDeleteThe Elliott Wave Principle by: A.J. Frost and Robert Prechter is a must read. It's easy read, but the information very comprehensive and takes time to digest.
You can find it for free here:
http://www.elliottwave.com/club/elliott-wave-principle/default.aspx?code=47572
I will recommend "The Complete Elliott Wave Writings of A. Hamilton Bolton" This book is only about the stock markets, but it's exellent analysis.
There are of cause more books, but these two should be a very good start.
Regards
EWS
Hi Seaducer67,
ReplyDeleteI have just posted my new micro count on my blog.
Tough ride, but my preferred view is still that an important top was made at 145.15 and we are in a new downtrend.
Regards
EWS