Not easy... at least, I got it right in that price wouldn't go right away for a new all time high, meaning Minuette (b) or (ii) was not complete yet.
If the correction ends at around 78,6% or 88,6%, as these are retracement levels more common for 2nd waves, perhaps it will be Minuette (ii) instead of (b).
Do you agree?
Comments
kunsan
⋅
I see your expanded flat idea in the cash market. If correct the market will fall to lower lows as you point out. However, looking just at the cash market movements, I see the possibility that the peak at 2378 was actually wave 1 of a larger five wave advance. Of the wave 1, the small wave iv was a triangle with an apex in the 2355 area followed by a fifth wave upwards to the sudden peak at 2378. If this five wave analysis is correct (and of course it might not be - your expanded flat idea might be the correct call) then the market is showing a sharp second wave decline that will likely stop in the 2345 area and be followed by a 'surprising' move upwards. Time of course will tell - if 2345 doesn't hold then your expanded flat idea is probably the correct call - but if 2345 holds and the market rallies strongly, then a 'five upwards to 2378' is likely the best analysis.