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Thursday, July 28, 2011

still need more downside

Wave counts seem to be pretty clear on the 4H chart.
We need a fifth wave just to complete ((C)) of iii.  Then we'll need at minimum, two a-b-c's, one for iv and one for v, completing the larger ((c)) wave on the higher time frame (minute - daily).

update: also keep in mind that if this is an ending diagonal formation on the minuette time frame, unlike an impulse, it will likely be deeply retraced in wave iv, before going down for the final v.   That means this is not the time for a bearish downside play unless you are ultra short term. 

Posted by Waverunner (FractalTrader) at 6:42 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))