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Friday, August 26, 2011

US indices completing final leg of triangle

Subminuette wave (d) of ((iv)) appears to be complete, and we already appear to have the a wave up of the final a-b-c to complete wave (e) - See the lower chart.  At that point the whole triangle formation, and hence, wave ((iv)) will be complete, and we should be heading down for new multi-week lows early next week.
I assume we will trade higher first, Monday or perhaps Tuesday as (e) completes.  This is a symmetrical converging triangle, so we should not trade much higher than the upper boundary of the triangle, and definitely confined under the high of wave (c) at 1188.54 on the /ES.

The top chart is a 4H chart illustrating minuette degree, and the bottom chart is a 1H chart, better showing subminuette degree waves.
See prior posts for the daily chart.


Posted by Waverunner (FractalTrader) at 10:21 AM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))