@ 6 PM
Looking at the third major index, Nasdaq composite, today's low breached the corresponding minuette i marker.
That makes the case for "alternate A" mentioned below, unfolding on the SPX and DOW as well.
And since it has also breached the Minute 1 top, the Minute 4 count in "alternate B" can be effectively ruled out.
@ 5 PM
The size mismatch between minuette ii and minuette iv is duly noted.
Alternate counts could be :
A) 1370 was just minuette i with 13 subwaves, and today's low was minuette 2.
B) 1370 was top of Minute 3, and today's low Minute 4, and Minute 5 tops around 1380 for a 78.6% retrace.
@ 4 PM
Thatz a pretty good looking 7-wave correction for minuette iv.
@ 1 PM
We are sitting right at the 38.2% retracement.
Today's action some what increases the probability of this move down being the minuette ii, and the entire move off of 1295 low being a 13-wave minuette i.
@ 12 Noon
Looking at the third major index, Nasdaq composite, today's low breached the corresponding minuette i marker.
That makes the case for "alternate A" mentioned below, unfolding on the SPX and DOW as well.
And since it has also breached the Minute 1 top, the Minute 4 count in "alternate B" can be effectively ruled out.
The size mismatch between minuette ii and minuette iv is duly noted.
Alternate counts could be :
A) 1370 was just minuette i with 13 subwaves, and today's low was minuette 2.
B) 1370 was top of Minute 3, and today's low Minute 4, and Minute 5 tops around 1380 for a 78.6% retrace.
@ 4 PM
Thatz a pretty good looking 7-wave correction for minuette iv.
We are sitting right at the 38.2% retracement.
Today's action some what increases the probability of this move down being the minuette ii, and the entire move off of 1295 low being a 13-wave minuette i.
@ 12 Noon
The wave (c) has retraced a lot deeper than I expected.
This minuette iv correction should end above 1338, the minuette i high.
On the question of it being an impulse, on the DOW there is no ambiguity, it only counts as a double zigzag corrective wave.
Vega - call me crazy...but i wanted to share this possibility...I think it is one of the rare times it could be important to consider the unorthodox interpretation. I don't assume you would agree - just wanted to share the idea.
ReplyDeletehttp://jeffreygtc.blogspot.com/2011/04/wednesday-april-13th.html