Price broke out of the triangle, but didn't do so in 5 waves as expected. That is why I am now counting it as a wave A. In the bigger picture, the triangle should now be counted as wave X instead of wave B because price action after the triangle is not impulsive, so no wave C is forming. This would mean we are now at or near the end of wave B of Y. If price falls much further, I will be forced to change my count in a more drastic way.
Monday, March 15, 2010
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