With today's action comes a couple of things. First, that the wave 'A' of this final structure looks complete. A move below today's lows will confirm it. Should we move above today's high, then the upside from here is likely substantial.
The first picture is the latest 5min chart showing the wave structure complete. Throughout this up move I have contended that the wave structure looks motive and not impulsive. This is an important distinction as the next wave will be a wave C and not a 3rd wave. While C waves can definitely be like a 3rd wave in intensity, we are likely to experience a C wave that is somewhere between .618 and 1.0 the size of wave A.
This picture (1min chart from today) is my evidence that we had a motive wave. Today's B wave triangle can only happen in a motive wave. Since it was part of the up move, then it has to be part of this current wave structure.
Posts
0 comments:
Post a Comment