Monday, December 20, 2010
Getting closer to the wave B bottom
Here's yet another possibility i'm watching closely. The previous post had a WXY with Y as triangle count, but the wave W high never got exceeded, which makes it a failed corrective wave, like a failed flat, which is a rare pattern. And since i don't like to use rare patterns in my counts i'm now looking at this count (making the previous post an alternative), which has an alternative of a bottom allready. I would still prefer to see price go to the 1.3040 region first though.
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Jeremy,
ReplyDeletewith the break of 1.3188 this count is invalidated
I wonder if the wave Y has finished at 1.3094
I am still puzzled by that 200 days MA which, on my application, comes at 1.3094.
Wish you a great day!
Catalin
Jeremy,
ReplyDeletethe alternate scenario had better chances against the preferred scenario but the last move from 1.3094 looks rather corrective and this makes the counting even more complicated
can that overnight move be seen as a leading diagonal? if so, things get simpler and the whole move might be impulsive
Catalin
me again:
ReplyDeletea leading diagonal usually retraces by 78.6%
in our case it was a very shallow retracement
I still consider it a corrective move
Catalin
Hi Catalin,
ReplyDeleteI just woke up and looked at the market. This market action is annoying to say the least. At the moment i'm still thinking this wave b is valid but expanded. But on the 1min chart, price action from the 1.32 high doesn't look very impulsive... There are a couple of counts that are running through my head, but they all have their little problems.
Ill try to figure this out.