only one problem with your count: The move down from the high you have labeled as 1,2,3,4 and 5, like an impulse. However, the 4 wave overlaps the 1 wave which is not allowed in an impulse wave unless the impulse is a leading or ending diagonal which is not the case here.
So I would label those 5 waves as an ABC instead, and call the whole thing an A wave. The next zigzag up I would label as a B wave (ending at the June 21 high) with the move down after that as a C (ending at the July 1 low). The next zigzag up would be X (ending at the August 2 high), the move down after that another A wave, and the current move up a B wave. C wave down should follow the completion of this B.
The relabeling as I suggest puts us in the second ABC, so it could continue to play out after the C wave with yet another X wave then another ABC. Or not.
But after the C wave, seems like this market would go higher, no?
yes, in a diagonal wave 1 and 4 are supposed to overlap. But a diagonal also needs converging channel lines AND wave 1 in the diagonal is usually the longest wave. Neither of these conditions exist here, so it doesn't look like a diagonal to me.
Good luck with it, though. I do think once the next wave up is complete, you will get a substantial move down, even if it is only a C wave.
Tim found my comment that I was 'embarrassed for him' this morning for taunting the bulls quite rude. His post was made at the exact second of the turn around by the way. Seriously? If saying I was embarrassed for someone is rude then I am guilty. Honestly, I was embarrassed that a professional money manager would taunt the other side of the trade on a very popular blog. Way too emotional IMHO and as they say, karma is a bitch as Tim found out today. When PTJ shorted the market in 1987, he felt sorry for the other side. Of course things have changed. Professionalism, respect, class, all things of the past I suppose.
Wow, sorry to hear that, Repo. I don't know Tim, rarely visit his blog, so I have no experience there. But, in my opinion, no matter who posts it, a post that taunts the other side of the trade is, as you said, a bit too emotional. I would call it childish and immature.
Sadly, taunting, name calling, and other forms of verbal abuse and outright meanness have become commonplace all over the web, among radio talk show hosts, and TV sitcoms.
9 comments:
waiting for the C wave to complete and then a big short. Good luck!
Do gold and palladium move together?
only one problem with your count: The move down from the high you have labeled as 1,2,3,4 and 5, like an impulse. However, the 4 wave overlaps the 1 wave which is not allowed in an impulse wave unless the impulse is a leading or ending diagonal which is not the case here.
So I would label those 5 waves as an ABC instead, and call the whole thing an A wave. The next zigzag up I would label as a B wave (ending at the June 21 high) with the move down after that as a C (ending at the July 1 low). The next zigzag up would be X (ending at the August 2 high), the move down after that another A wave, and the current move up a B wave. C wave down should follow the completion of this B.
The relabeling as I suggest puts us in the second ABC, so it could continue to play out after the C wave with yet another X wave then another ABC. Or not.
But after the C wave, seems like this market would go higher, no?
I've got the move down as a leading diagonal. Here are the rules: http://thepatternsite.com/EWleadingTriangle.html
I'm thinking the correction will be 11 waves, the max, and then a low risk short.
Also, the sell off is a clear 5-3-5-3-5 move. The correction waves are clear. Let's see what happens but looks good so far.
yes, in a diagonal wave 1 and 4 are supposed to overlap. But a diagonal also needs converging channel lines AND wave 1 in the diagonal is usually the longest wave. Neither of these conditions exist here, so it doesn't look like a diagonal to me.
Good luck with it, though. I do think once the next wave up is complete, you will get a substantial move down, even if it is only a C wave.
Just wanted to say I thought your comment on my blog was quite rude.
okay, I'll bite... what did you say on Tim's blog that was so "rude"?
Tim found my comment that I was 'embarrassed for him' this morning for taunting the bulls quite rude. His post was made at the exact second of the turn around by the way. Seriously? If saying I was embarrassed for someone is rude then I am guilty. Honestly, I was embarrassed that a professional money manager would taunt the other side of the trade on a very popular blog. Way too emotional IMHO and as they say, karma is a bitch as Tim found out today. When PTJ shorted the market in 1987, he felt sorry for the other side. Of course things have changed. Professionalism, respect, class, all things of the past I suppose.
Wow, sorry to hear that, Repo. I don't know Tim, rarely visit his blog, so I have no experience there. But, in my opinion, no matter who posts it, a post that taunts the other side of the trade is, as you said, a bit too emotional. I would call it childish and immature.
Sadly, taunting, name calling, and other forms of verbal abuse and outright meanness have become commonplace all over the web, among radio talk show hosts, and TV sitcoms.
Have a great weekend, Repo.
And good luck with the Palladium trade!
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