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Friday, July 29, 2011

Silver ready for next leg down

I have updated my primary count for silver.  The count I posted prior will now become my alternate (less likely) count.  I now think we have just completed an A-B-C up for (B), preparing for the (C) wave down.  The nice thing about this from a risk-reward perspective is the count is invalidated on a move above 40.39, which is real tight at this point.

The move down should be significant, so I will be planning an entry via short SLV very soon, possibly even this morning.
Posted by Waverunner (FractalTrader) at 5:58 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))