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We had a half way decent range today of 16.75 points, but it was very tradable for a change with 3 nice swings. Volume came in stronger than yesterday. This makes 7 days of upside. Is it me, or is the last hour ramp job on low volume so blatantly obvious?I have done something that I totally despise that MOST counters I see do regularly. That is gloss over the small stuff to get to the bigger picture. I am assuming that 3 (white) ends at the 956.25 H. Can't get a count up there, but I'm choosing to go with that.
We clearly had 5 waves outta the triangle and 5 from the 937.25 L. Who knows. If I need to change it again - I will.
We had a beautiful zigzag off the 956.25 H to complete A down. Notice from this 1m chart that this last squeeze higher is a corrective. Most people will assume that we finished 4 (white) down. The structure says differently. There is NO way to get around a corrective here. As noted on the chart, we came back into wave 1 territory and this disqualifies an impulse.Be on the lookout for a big triangle or flat. We had 3 down with the zigzag, and now it appears we have 3 up with a steroid induced zigzag that should complete B. If a triangle, the range will narrow and trading will slow down. If a flat (my preference), expect a structure similar to the zigzag but with another 5 wave structure attached.
At their lowest the 100 lotters were around -41k, but finished about -20k. Both sizes covered nicely into the last 20 minutes.
What a beautiful structure and pattern. They turned this pig exactly at the 88.6%, completing a Bullish Bat pattern. Hope I wasn't the only one who got long down there. And for those that did, I hope you didn't bail at 48 like me!The 88.6% is an extremely important ratio. Any serious student of ratio analysis should have it in their repertoire.
great bat VO...i did not see this one until i visited your blog...keep up the good work and thanks for all your help
ReplyDeleteNP Brad. Thanks for visiting. I hope you find value in it.
ReplyDeleteas i look at it right now this looks more like a 3-3-5 flat correction because B is basically 100% of A (a difference of 3 ticks).
ReplyDeletein a 3-3-5 flat correction i have it written that if B exceeds or reaches A (which it did minus 3 ticks), C can be as long as 1.618 of A, which gives a target of about 928.50.
What do you think VO?
One of the rules for a flat is that wave B retraces at least 90% of A. It can go to about 150% and still be considered a flat (expanded).
ReplyDeleteYes, C can go to 161.8% or sometimes more. I start getting nervous though if it exceeds 161.8%.
It can still be a triangle Feng. It could be a barrier or even a running type. We dont know that yet.
All we know, at this point, is that we have 2 5-3-5's that are occurring in a likely 4th wave.
I was hoping that the zigzag turned into a double zz because if you look at 2, it was complex, you expect alternation with 4.
The best I think we could get would be a flat, so that is my preference.
preciate ur reply
ReplyDeletei try to appply Occam's Razor as much as i can. what i mean is it's hard to label all the waves appropriate the further you look into it because of all the noise. the simplest conclusion from what i see and what you've said is a zigzaggy flat that could end anywhere between 941 and high 20s or low 30s. i have a price projection using kb's method to 932 i think (+ or - 1) assuming i did it correctly.