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Monday, July 25, 2011

Patiently waiting

The subminuette chart (lower) is a mess, but on the minuette chart (hourly-upper), we have a pretty clear five wave pattern.  The close-only line chart looks like an impulse, but in reality there was lots of overlap, so it's likely a diagonal formation.  The implication is the same, however.  We likely have five waves up, and a meaningful relative correction that cannot be counted as five waves.  I'm labeling this ((A)) and part of ((B)).  We still need five waves up for ((C)), in my estimation.  Plus we are still nowhere near either the upper boundary of the higher degree triangle, or my prior target of 1358 on the /ES.
My degree of confidence on this hourly count is not huge, which is why I'm waiting on the sidelines.  We'll either see five waves down to signal the start of the higher degree downtrend, or we'll see five waves up to signal the end of this higher degree e wave up.

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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))