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Thursday, July 14, 2011

Evening update

I expected a strong down move in today's session, but instead we made only a very small move.  This currently looks like a 1-2, 1-2 scenario, setting up for a strong 3rd.  Another possibility is that the 1-2, 1-2 is actually just an a-b-c, meaning ii is a larger combination and still in progress.  If my prior ii is exceeded after hours, that will be my new preferred count.  Tomorrow is options expiration, so I suppose it should be no surprise that the market waited for Friday.

Regarding the triangle B wave I have illustrated in the chart below (assuming that's what is unfolding), notice how much cleaner it looks on the russell. 

Posted by Waverunner (FractalTrader) at 6:29 PM

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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))