I was examining some alternative counts, and I ran into this anomaly or oddity. The Neely 0 - ii guideline has been able to be used for nearly all prior waves. It certainly even works in the initial wave sequence in this series. So, I thought I'd check in what might be the continuing Minor A wave as an alternate to the Minor B wave down. Clearly, one can see that the guideline is broken. And it would break at several of the lower troughs on the close-only chart. So, something is odd.
We appear to be in a fourth wave or B based on the Awesome Oscillator (AO or EWO). I'm going to be noodling this situation a bit. Again. Something seems odd. Ideas are welcome.
Have an excellent rest of the weekend.
TraderJoe
ABC of a diagonal?
ReplyDeleteI was thinking of a three-wave sequence, but that would seem to imply a deeper retrace and 'currently' the market is having a problem making a 23.6%. Still I will say it is possible. I'm not assuming either 'up' or 'down' movement at this time although 'leaning' to completion of the expanding diagonal, downward, on the hourly ES chart. TJ.
DeleteIf this break to upside then this correction is just a 4 of the last move up from the August low. https://www.tradingview.com/x/DhxBhfNb/
ReplyDeleteIf breaks to down side then the bigger 4th
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