Friday, April 23, 2010

Time to play the waiting game

Wave B went pretty low, which makes me think about the ending diagonal again. The problem is that price after the wave 4 high can be counted as 3 waves or 5 waves. Because this isn't very clear i'm looking to a bigger timeframe and keep both possibilities as an option. That's the reason i have us in either wave C going up or looking for one more low and an ending diagonal (wave 5 will have to be smaller then wave 3). Above 1.3690 would eliminate the ending diagonal count, below 1.32 wave B wouldn't be finished or an ending diagonal is forming if price went high enough to make a small wave 4 (of wave 5). If price just drops like a rock to new lows i'll have to review my count.

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