Tuesday, October 11, 2016

Trend Lines Give Way

Yesterday we said we had counted an initial five waves down from the minute-e wave and minor B wave top of the triangle below, and we expected "at least" another five waves down. In fact, in live chat, we were able to count a full, larger five-wave down sequence to minute-i (circle i) in the chart below.

Five Waves Down from Minor B

During the day, the triangle's lower trend line broke, as did the upwardly sloping trend line on the daily S&P500 Index, as well as the Dow Jones Industrial Average. Toward the end of the day, we got a bit of a bounce, and it could go further as minute-ii (circle ii) up of minor C down. Eventually, there should be a new low below minute-b (circle b) of the triangle.

This C wave would again be Intermediate (2) of the three-day ending contracting diagonal, with eventually Intermediate (3), to a marginal new high, eventually to follow.

Once again, we can not see a realistic upward count until or unless price got up over the the Minor B wave.

The chart above only shows the 'placeholders' for the sub-waves of Minor C; they in no way imply how low minor C could go. It is likely that the purpose of this C wave is get Intermediate (2) to at least overlap with the minor A wave of Intermediate wave (1), as we have shown previously.

While the current situation can be described as "so far, so good", we remain open, flexible and most of all patient.

2 comments:

  1. certain popular sites giving targets between 2100 to 2116. then blast up... is it possible we actually completed wave b and wave c started from 2194 which was the entire prediction for first 6 months of this year?

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