tradingview.com/v/9plq5wyj/ well I have a few problems with this count wave
According to prechter wave e in an ascending triangle is not to surpass the apex of wave c. This is a law (which it dose in this analysis)
Nick_C_
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There is no labeling on it-- do not assume an abcde count, just observe the overlapping wave structure-- acknowledged as a correction in the grander scheme.. Observe:
Nick_C_
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Obviously counts are only probabilities, however the current labeling I'm using has been both valid and very accurate.. So until that is violated I must maintain course
Thank you for the visual, however when you consider the view from a line chart perspective (EWT is based off a line chart), then you get a conflicting view.. A clearly defined 5 wave impulse down from 9/23 tradingview.com/v/9plq5wyj/ keep this multi-degree count in mind as well: tradingview.com/v/pb53iwKF/
Nick_C_
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I think we are witnessing subdivisions of W3.. which by requirement will ultimately have to make new lows (that's why iv'e been buying puts on these corrective rallies)
Iridium
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Line charts are only suitable for very long time frames were large tails or moves are minimal. It states in the book that all analysis should be done with either bar or candle stick format on a logarithmic scale. all price action needs to be observed not just closing prices
Nick_C_
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Also, if your expanded flat is to be a double, it needs an X wave between it.. your ABC/ABC is simply just sub W2 of A correcting sub W1 of A, I feel this recent trend-line break down from sub W2 has greater implications to the downside over the ensuing week-- but with the tiny completion of a 5W structure today as well as the 60min/daily OS conditions of the SPY, you may profit from the calls on the short term.. I would view them as a quick flip-- and then flip them into puts for the downside continuation
Nick_C_
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All aboard *choo choo*
Iridium
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I bought a couple of calls before the bell my analysis is quite contrary as i believe price has confirmed a 3-3-5 flat in which was c coincided with an ending diagonal, terminating at the .618 retracement of wave 1or a.
well I have a few problems with this count wave
According to prechter wave e in an ascending triangle is not to surpass the apex of wave c. This is a law (which it dose in this analysis)