IWM My favored count.

There are always multiple ways to "count" the waves but so I don't trade solely on this. Just use it to anticipate. With this count wave 4 is 50% retracement of wave 3. We have a negative reversal in the RSI . Count is wrong if IWM goes >117.97. IF this works out then I will take profits at the bottom of the (3). Take care. Goodguy.


EWT is just a complicated pattern recognition. It's downfall however is that there are so many possibilities at any one time most practitioners are frequently wrong. Which is why is justly so mocked by the majority of technicians. Personally however I find it helps me in seeing possibilities. One of the problems is you never know what degree of development of a wave you are in in real time. Wave 3's are often "extended" . So even if my first posting is correct in that there is down action starting over the next few days as I suspect the action could be much more bearish than I am showing. We may just be completing the first part of wave (3). Which is why you need to use other technical tools as well if you are going to follow EWT.
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