This is an update, following from the previous posting entitled, "More on 4th Wave Triangle Potential".
I am viewing the recent action since the 1833.5 low as a developing bearish triangle (a 4th wave).
I previously stated: "If this small rally reaches above 1976.2, but remains below 1995.4, it may mean that the triangle wave "c" is more complex (would not surprise me) ...
The rally has indeed moved above 1976.2, and although I do still view this as a developing triangle as long as the 1995.4 level is not exceeded, I have adjusted my wave count for the triangle as shown above. A "c" wave of a triangle often develops with this type of 3-leg structure.
I suspect wave "c" finished at 1993.6, coming in just barely under the top of wave "a", which is its theoretical limit in a contracting triangle. When wave "d" develops, it should end above the wave "b" bottom of 1901.6. I will then be able to measure the expected post-triangle thrust. Wave "e" should then be the final wave upward in the triangle (ending below wave "c") from the end of which the downward thrust would begin.
I am viewing the recent action since the 1833.5 low as a developing bearish triangle (a 4th wave).
I previously stated: "If this small rally reaches above 1976.2, but remains below 1995.4, it may mean that the triangle wave "c" is more complex (would not surprise me) ...
The rally has indeed moved above 1976.2, and although I do still view this as a developing triangle as long as the 1995.4 level is not exceeded, I have adjusted my wave count for the triangle as shown above. A "c" wave of a triangle often develops with this type of 3-leg structure.
I suspect wave "c" finished at 1993.6, coming in just barely under the top of wave "a", which is its theoretical limit in a contracting triangle. When wave "d" develops, it should end above the wave "b" bottom of 1901.6. I will then be able to measure the expected post-triangle thrust. Wave "e" should then be the final wave upward in the triangle (ending below wave "c") from the end of which the downward thrust would begin.
