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Wednesday, August 31, 2011

S&P 500 completing (c) up

It looks like we should have a completed minuette wave (c) up possibly overnight or early morning.  See the bottom chart for the view of micro wave ((c)) (not shown) of subminuette y (not shown) of minuette wave (c), which could end the higher degree minute wave ((iv)) correction, unless it's a triangle.  The key from here will be to watch momentum on the downside and for any breach of the proposed minuette wave (b) low around 1116.82 on the /ES.

I think the triangle is more likely and I have my (d) tentatively out there.  For one thing, subminuette wave (a) is three waves, and (b) terminates well above the start of (a).  That rules out a zigzag correction.  The form of the correction at minute degree does not really favor any kind of flat either.  


Posted by Waverunner (FractalTrader) at 6:53 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))