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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hope this helps
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.
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.