Tuesday, January 4, 2011

A Last Rally

Price made a new high and did so in 3 waves. This makes the possibility that the WXY scenario is coming into play a lot higher. This latest high would be a wave A and the wave B should be near or at an end. Wave C should take us to around 1.3583, the 100% fib extention of wave W that started at 1.2968.

Geplaatst door op
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2 comments:

  1. AnonymousJanuary 4, 2011 at 11:06 PM

    Hi Jeremy!

    Being the first message this year, I take this opportunity to wish you a great year ahead. May your plans and dreams come alive!

    With reference to the last picture, I kindly ask you to help me understand why you did considered the wave C of A finished at 1.3416 instead of 1.3433. Is this C of A supposed to be made of 5 waves, isn't it?
    I tend to agree with your markings but I feel like missing this explanation.

    Thanks for your willingness to help!

    Best regards,

    Catalin

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  2. Jeremy DemunterJanuary 5, 2011 at 6:36 PM

    Hey Catalin,

    Best wishes to you aswell!

    It appears i was wrong to label it as i have, the top should probably be at 1.3433 and the triangle becomes questionable. Maybe it counts better as a WXY. Anyway, it does not matter very much, because of the big decline we've gotten today, the best count i have now is to count us in a wave X that goes deeper than i previously thought. I have a hard time counting the internal waves of this decline so when this happens i step back to a larger timeframe. On those larger timeframes the pattern looks more clear, an expanded flat wave X, with a hard to count wave c. There are other ways to count it, like the decline being a corrective wave with 1.3433 being the real top ( this requires to alter the count before this top ), or maybe wave c just isn't complete yet. Like always, we'll see...

    Friendly greetings,
    Jeremy

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