Analysis on chart, while corrective wave ((ii)) of C is turning out to be more comprehensive than initially anticipated, do not mistake it as invalid-- it's still a correction.
Comments
DanV
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I would agree with your sentiment and general labels. Though wonder if wave b correction wave would have gap as on this chart. Specially as you would normally expect a zigzag as form of correction rather than gap which could be part of impulsive wave. In my view, we appear to have a leading diagonal from top and that gap could be wave 5. But I could be wrong.
Nick_C_
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Is this what you have in mind? This would make a lot more sense and respect typical wave personality
DanV
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Yes, but if you connect 1 or A to 5 or A, you you would get sort of falling wedge, which I say could be leading diagonal. If so then you could get deep abc retracement ie 61.8% or more before the wheels come of the market. The retracement price action could also help to confirm interpretation.
Nick_C_
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I see exactly what you mean, that would converge perfectly with that W3 gap fill.. thank you for sharing that perspective
DanV
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LOL. I am glad you see it. Now we have to monitor the bounce. Enjoy.
Nick_C_
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hit hard
ricabron
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however trade long with CLOSE STLS.
QuantitativeExhaustion
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Very good ideas here. Keep them flowing
Nick_C_
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Thank you! will do
DemianThomas
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when do you think we start to turn back down, we are above the descending trend and holding and above the 50sma on daily?