Scrapped the old count and onto the next most probable count. We are still completing the A Wave of Primary degree within a Cycle wave 4. This A wave has developed into an expanding triangle and is within a 5th wave of E, hence closing up to completion. If this is an ABC correction B wave will make new all time highs. This is because the closest alternative to an ABCDE triangle formation would be a wave 1 leading diagonal and since wave 2 can't retrace more than 100% of wave 1, any correction falling short of all time highs should be considered a wave 2 of Primary degree within a Cycle degree ABC wave 4 pattern.
Trade active
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No change to date. Hold long positions until targets are reached or count denied.
It's possible (even though to me it seems it's forming a double zigzag). Still, you cannot mark a diagonal with letters; they must be marked 1-5 since a diagonal is an impulse wave.
csmottola71
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@tfargo, Waves D and B (or 4 and 2) overlap. The only scenario in which this can happen is a leading, or ending, diagonal. My count comes from a Cycle 3 top so it's a correction. If this is a diagonal it's a 1 of A, where would C go?)) It's all possible, but right now this seems to me the most probable count. Mind you, my previous count was smack on for 4 months but became improbable in May and unsustainable in June.
PriceActionHelp
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@csmottola71, actually, in a diagonal, waves 1 and 4 (not B) are strongly expected to overlap. Here they don't, so I expect it to be a double-zigzag. Again, you may not label a diagonal with letters.
csmottola71
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@tfargo, In fact, i'm saying it's a triangle not a diagonal. A leading diagonal would be my alternate count.
vychod
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1W MA200 on NDX is at 10796 !! It could be your target for wave "e" and than rebounce till 12800-13100 maybe good luck
csmottola71
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@vychod, Thanks, but I think a wave B will go alot further than that. The whole purpose of a B Wave is to wash out everyone that is on the right side of the market. Basically most Bears (in this case) will already be short, so who else is there to sell?