This post puts some more 'meat on the bones' of the potential contracting Ending Diagonal Count for Primary V, now that the Brexit highs have been surpassed. It is one of only two possibilities for how Primary V can end. It can end in an impulse or it can end in a diagonal
Below is the chart of the contracting shape of Diagonal.
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| Potential Ending Contracting Diagonal for Primary V |
For the diagonal to form instead of the impulse, then all the
requirements must be met, including the fact that Intermediate (1)
‘must’ make a new all time high to show it’s ‘motive’ character. Then, all the other requirements of a diagonal must be met, as well:
The lengths must measure such that (5) is shorter than (3), and (3) is shorter than (1), and (4) is shorter than (2). Furthermore, wave (4) must overlap wave (1), and all the three-wave sequences 'must' be countable as zigzags - or multiple zigzags - only.
We'll see how it plays out. So far, the needed high of 2135 for Intermediate (1) has not occurred, but prices got to within 5 points of that level on Friday.
Thanks for the update. Will be interesting to follow.
ReplyDeleteHi TJ,
ReplyDeleteIf this ends up being an impulse, do you ever use Fibonacci Pinball for target?
In an impulse, then Primary V = Primary I, would be the first target. Primary I is from March 2009, to May 2010, only.
Deletethanks ...great work
ReplyDeleteAs always, great work. Thank you Joe.
ReplyDeleteJoe, how high can (1) go before the diagonal count looks unlikely?
ReplyDeleteHi .. after (3) = 0.618 x (1), the diagonal count would likely start to get strained.
DeleteClear update, thanks. One question what does it mean " that 4 must overlap 1" that the bottom of 4 must be lower than the start of 1? Thanks
ReplyDeleteHi ski .. no (4) must overlap (1) means that the bottom of wave (4) must overlap the top of wave (1).
DeleteHi TJ, shame about TC closing down his comments section. Will you be posting intraday updates here?
ReplyDeleteAlternatively if anyone wants to I'll be opening up my Wordpress blog with daily posts and you can comment there as well, at captbara.wordpress.com
I hope the regulars can find another place to communicate. Joe's blog is a good alternative if Joe would like that.
DeleteI thought perhaps TC would stop doing daily updates first. Caught me by surprise that he would shut down the comments section first. Guess it's a matter of time before he stops doing daily updates. Wondering if he would do one today.
DeleteYes it would be good if someone could pick up the slack here. Whether TC liked it or not the comment section was becoming the most valuable part of the site. To shut that down was a huge disservice to all of the regulars.
DeleteJoe, I didn't read all the comments on TC's blog, but I always read yours. I don't know why Tony shut down the comments, but it's his blog so he's free to do whatever he wants. I hope, though, that you'd at least post one daily update on this blog so I can keep following your count as I compare it to mine.
ReplyDeleteThanks! rose
Hi Rose .. appreciate your continued support, and will try to post as often as appropriate.
DeleteYes thanks Joe your counts have been much more credible than Tony's......guess he couldn't handle his extremely poor counts.... He lost all credibility long ago and it just got worse as time evolved
ReplyDelete