That is the best count I can suggest about the grand picture. The look to DJIA similar as well.
The price is getting weak and diverging according to MACD and few more technical indicators on 4 hour base. Sometimes, when the wave structure is difficult to recognize I use technical indicators mainly, until the picture gets more clear.
On daily base, I really don't know what is the next formation type- (contracting triangle, expanding triangle, flat or any complex), but I am sure, it we will be a great challenge for the traders. Now the price will need longer time (few months) to have a break before the final bullish push.
Probably some of you are thinking that I am talking nonsense about bull markets and such stories. In December 2009, when I noticed something rotten in the bearish case the bulls were very few.
Some of the EWP followers are on the way to screw up the real meaning of the Elliott Wave Principle. These guys were calling and believing in the EWI crash wave 3 and "going all in" are not respecting the price action.
Yes, the bull market is a fact. I can't count any impulse up at all, but however, the market is up.
Let the force be with you :)
2 comments:
saw ur count on yelnick. very nice. i had proposed the same thing but used a bullish count. the triangle was my 4th wave up (intermediate degree) with the 5th up to complete up at the inverted h&s target in the 1200s.
Yes, i've tried many times to count as a bulish impulse, but I can't. At first sight looks like potential 5, but the structure looks corrective for now. Maybe we will need some more data to preview the whole picture again.
Thanks for your comment.
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