Monday, June 27, 2011

Preferred count

Price started the week with a nice rally. In the main count this was to be expected, as wave this is a rally wave X within the wave Y of Y. Notice that i have changed the labels a little, this is to better fit the weekly count. As an alternative, i like the idea of a bearish triangle wave X. 2 more possibilities that i see are : a bigger wave c of this bearish triangle X ( like the alternative count on the chart ) and this being a bullish triangle where wave E of this triangle has finished. But the rally of the latest low is clearly corrective, so i give the highest probabilty to the main count.

Geplaatst door op
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3 comments:

  1. AnonymousJune 28, 2011 at 12:58 AM

    Hi Jeremy!

    I can only say 'wow' after seeing your blue scenario. It's an eye opener. It is reinforced by the divergences between price and RSI on the chart of 4h and 1h.
    Thanks for sharing your ideas.

    Best regards,

    Catalin

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  2. Jeremy DemunterJune 28, 2011 at 1:12 AM

    Hi Catalin,

    Thank you for your comment! To be honest i'm not watching the indicators anymore at the moment, i find that they give a lot of wrong ( or false ) signals, i prefer to focus on price : EW, candlesticks and trendlines...

    Greetings,
    Jeremy

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  3. AnonymousJune 28, 2011 at 6:02 AM

    Jeremy,

    I see you point and cannot argue about it.

    What worries me in the blue scenario, as far as the candlesticks are concerned, is that a daily and weekly candlestick would not fall nicely into the picture. Otherwise, the blue scenario makes sense.
    We shall wait and see.

    Best wishes,

    Catalin

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