The Blue count is below for the longer term bullish count:
Of course you know the Bearish Count which we will label 5 waves in blue for now...
Friday, 30 August 2013
POSSIBLE BULLISH / BEARISH COUNT...
This count in Purple gives us a possibility of a Bullish Count that could lead to higher highs. This count will be voided if prices starts to move higher by next week and surpasses the Blue 4 labelled near the 1670 range. The Blue A and B label is also a bullish count but it will need to process much longer than the Purple ABC.
The Blue count is below for the longer term bullish count:
Of course you know the Bearish Count which we will label 5 waves in blue for now...
Or a super Bearish 1-2, i-ii, (i)-(ii)...
The Blue count is below for the longer term bullish count:
Of course you know the Bearish Count which we will label 5 waves in blue for now...
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Hi MP.
ReplyDeleteI am no expert on EW but shouldn't wave 2 be the first high pull-back, because it is higher? And wave 3 be the lower low because my understanding is that a wave cannot go lower than the previous third wave low?
Good site too by the way.
Which of the charts are you referring to so that I may clarify it for you.
ReplyDeleteSorry, the first chart.
ReplyDeleteHi Chris,
ReplyDeleteTypically the wave 2 would be higher than a wave three if it is in a bearish configuration. The first chart illustrates if the EW structures were to be a subwave smaller as it went down. Usually mistaken for either a 5 wave move but really its a series of 1-2 1-2s etc. The first chart I illustrated shows possibilities in ?'s but what I am showing also are 3 wave possibilities that could have formed as a bigger ABC pattern down. Now we know that the patterns have not fully formed or is not yet in hindsight so this just shows the vulnerability of EW as a trading tool. At best, EW allows you to view options, but not as a way to trade. the indicator still shows us a better way of trading as there is not guessing.