74 0 0
Is it a correction, or a trend change? To a waver, it comes down to counting it as a corrective ABC or 3-wave             complex correction, or a 5 wave move defining a higher degree move. In other words, 5 waves down on the hourly, can be a 1 or A down on the daily.
We are at the place here and now, where it could be a completed ABC, or a completed 123 on the hourly chart. We will look for clues in the coming day or two to determine if 5 waves develop. We need more than just 5 waves, however. A higher degree correction will need in addition a 3 wave retracement ideally 2/3 in nature, following by another 5 wave move to new lows.
The daily and weekly charts are not really showing a substantial enough correction yet, in my opinion. My bias remains to the downside in the coming 1-2 weeks.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out