Wave count still unfolding as anticipated. Important time just ahead to guide markets near term trend. Failure to exceed 2815 has potential for a sharp downward thrust. Success above 2815 points to further healing before an expected "C" wave occurs.
Thanksgiving is a great pause to connect with what is really important, whatever that means for you personally. Family, friends, food, time off, or maybe just you.
I am not sure here. If we consider September 21st high as wave 3 or 5, the move to 2602 in October 29th was in five waves (a or 1). The move from October 29th to 2817 at November 7th was in 3 waves (2 or b). The next move must be in 5 waves (unless a triangle or other combination appears). This 5 down will be wave 3 or c. The last move will confirm if September 21st was the end of wave 5 and the beginning of a downtrend, or wave c will mark the end of wave 4, and a new high will surge to end this decade uptrend...
allanrcferreira
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@allanrcferreira, a triangle is not common in wave 2, but in wave b, and this would be a signal to invalidate the end of the decade uptrend.
EWT must be linked to fundamentals and traders' mood. Mood still bullish, and market does not show signals of panic... fundamentals show World slowing down, not a recession yet...
I prefer to think in ABC corrective too...
iamthewolf
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@allanrcferreira, Thanks for commenting. Good assessment in your first post above. Market will inform us, of course. My analysis is much more than wave counting. It takes into account long term wave counts, fractals, timing and relative measures within larger degree cycles. They are all part of EWT where dependence on fundamentals and news provides additional perspective, but with minimal (if any) use in my approach.
D5139516
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Right, I don't use news or fundamentals either however I do find it interesting how the markets time and price targets continue to line up with major events months and even years in advance that are then explained away as the news headline instead of the long term cycles :-)