On the hourly chart of the German DAX index, the move up this week looks corrective in nature.
A series of zigzags, in fact a triple zigzag move.
@ 5 PM
The XLF made a lower low than the Aug 9, Minute 3, but essentially has the same wave structure as the indices.
So the question remains if this is i of 5, or the entire 5.
@ 4 PM
The market is determined to muddy up the waters even more before providing clarity.
The second abc zigzag may turn into an impulse tomorrow.
That will send me back to the drawing board, as the (b) has poked beyond the start of (a) and may not be recounted as a wave (ii), to create a larger 5-wave impulse off of 1122.
@ 1 PM
Yesterday's rally did a great job of turning bears into bullls, something wave 2 is known for. It is possible to count an impulse down from today's top, followed by an abc up so far.
@ 11 AM
vega - not that it's a big difference but I had the proposed C leg as follows...3of3 has the RSI peak -- so doesn't require the double zigzag label
ReplyDeletehttp://2.bp.blogspot.com/-gTUa8aERVsI/TlV7NsKOnjI/AAAAAAAAAUs/qWSb6vWLB3o/s1600/aug24-cleg.jpg
on another note...i had it today with the posters on danerics blog you probably noticed...i should just not read the comments but i lost my cool today!!
As long as this move stays under 1208, it sure might be possible to count it in more than one way.
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