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Tuesday, September 6, 2011

Major averages still likely in a fourth wave triangle

The correction that started Friday was very sharp and deep, but it has yet to take out the (b) wave low of my proposed triangle (see bottom 4H chart).  Plus, my wave momentum indicator has not really confirmed the down move.  As such, I still have (d) as my preferred count and will be looking for another push higher for (e).

If (b) is violated to the downside, the triangle is disqualified.  I do not have a good alternate count at this time, however.

Posted by Waverunner (FractalTrader) at 8:03 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))