It's funny. When prices are going up, people come out of the woodwork and are telling me "See? It's going up! It's gonna hit 1.20 or better before it ever goes down!" And then when prices are going down, they come out and telling me, "Watch! It MUST go to 1. 0000 before it bounces!" I just sit back and smile with amusement! Hey, in order for there to be a market, you gotta have differing opinions and people to be buying and selling, right? So God bless everyone for having those different opinions!
I have my own opinion as well but I'd like to think I just go with the market whether up or down. I don't WANT it to go in either direction. I'll let it tell me what I should do. Not the prognosticators. Don't get me wrong. I welcome the differing opinions and hope you all act on them because you make the market go up and down. And I can only make money when there is movement!
Anyway, have a nice weekend and RELAX!.
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IE, for BAT - XA and AB should be only 38.2% and for Gartley XA and AB only 61.8% or upto 88.6% and so on....
On your next question about what ratios I use for the legs in a pattern to give it a strong TP? I'm not sure what you asking? I don't assign any specific ratio to the legs. The legs assign their own ratio. whatever ratio is there determines what kind of pattern it is. If you are asking what are the pattern ratios, then go to http://www.tradeempowered.com and search the pattern ratios.
So in cases like that, I like to zoom out to the weekly (& even monthly) timeframes for a bigger perspective.
This gives me what appears to be a wave-4 pullback on the weekly (the stock market hiccough at the end of Aug retracing a nice 'perfect' 38.2 of my 3). That then obviously distorts my medium-term expectations, but doesn't preclude the ability to consider trades to the long-side between now and whenever that timeframe might be.
So then have to consider, if that means dollar (re-)strength, its consequent impact on stocks, commodities and bonds.
Definitely gin 'o clock !
Have a good weekend all
Being a good forecaster doesn't mean that you will make money all the time, but I do value that ability.
I posted my view, I do think it will go up and that we won't see any new lows (under the lowest low before this consolidation) before 2016.
Since wave W in the chart above had only three waves it's unlikely for Y to trace an ending diagonal. 5 waves in Y would be possible in a flat structure but we haven't observed deep retracements in X which is a requirement for flats. So I would think wave Y will have just three waves, which means the correction might be already over (or just one minor subwave up left, within minor 'c'). Like that we will have a good 7-wave correction, and then will go down on Monday or Tuesday at the latest.
hope this helps