Saturday, January 22, 2011

1 day at a time

As the hourly count becomes more clear it's time to step back to the daily timeframe to know where price is headed over the longer term. Here's a possible count where wave (X) is finished. Price should go up in a corrective way up to the 1.45 or 1.50 zone and eventually test the upper channel line and break the falling trendline (the trendline should connect from the 1.60 high to the (B) of A high).


Another view is that wave (X) isn't finished yet and we are only finishing wave b of (X).

3 comments:

  1. Hi Jeremy!

    I hereby find the answer to my last question posted yesterday. Thanks for your input!
    As far as the two scenarios as concerned, I wonder if the time relationships between the waves W and X can give more chances to one of the two.

    With best regards,

    Catalin

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  2. Hey Catalin,

    I believe that in both scenarios the time wave (x) takes can be considered as normal. But to be honest i don't really use time in my forecasts, only price. Sometimes a wave can take a really long time to develop, sometimes a wave can be really short, the best examples of that are wave (A) of A and (B) of A. I have not found any relationship to how much time a specific wave can take. The only time i know a wave is usually short in time, is because it is sharp in price, a good example of this is a wave C in an expanded flat.
    As for a WXY correction, most of the time waves W and Y are equal in price and time, but that is not always the case. I do not know of any relationship between W and X waves.

    Friendly greetings,
    Jeremy

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  3. Jeremy,


    I thank you for your comprehensive feed-back. This is good learning to me.

    Wishing you a good week ahead,

    Catalin

    ReplyDelete