One of the biggest difference that can be spotted on this chart is the daily . On a candle or bar chart, this pattern is non-existent in this position, AB is simply too high to be any kind of XABCD when viewed on a candle/bar chart. However, when viewed with the h+l/2 line chart you can clearly see that a formed, played out perfectly, and is most likely still playing out, meaning that we are going to keep going lower. Another difference you can see in the line chart is the extension targets for the two big bull runs that we had (c:5).
Now, what's going on right now? Well you can see that we are pushing up against the top of this channel, you can also see that we have a nice extension inside of Wave ii hit where c=1.618a (EDIT: precisely c=1.5a), which is another sign. So long as my count is correct and we are in a Wave 3 extension: Wave ii has retraced far enough to be completed and it is also exactly .618 of Wave 2 time-wise. Still assuming my count is correct as well as my target for the end of Wave ii, my predictive target of 169 for the H+L/2 LINE CHART should be fairly accurate. Note this target does not take into account any wicks that may form at a lower price, a candle/bar chart may look very different than this line chart. However, this chart should give us a good sense of which way the market is going to be going for the next couple of weeks.
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