In my last few updates, I have mentioned we could have a longer drawn-out wave (2) due to the way a wave shaped up. We have been hitting standard targets for us to end in the 0.618-0.786 area as well creating another indicator.
I also stated in my last post:
"My ALT, which is labeled in turquoise, suggests this has all been part of just the micro a wave of our wave (2). If this is the case, then I suspect we should drop to around low $240ish before rising back up to the $260's to complete the micro c wave.
The key to determining the difference between the two is......STRUCTURE. If it is to be a micro b wave, then it will be a 3 wave move down towards the low $240's. If it is the start of wave 3 then we should have a 5 wave move to the downside to kick it off."
We did almost EXACTLY this. Dropped in a 3-wave move down to $239.35, and then bounced up with positive divergence yet to be broken. Now that we have a very good idea of where we are in the count, we utilize the fib extension tool combined with the fib retracement tool, and viola, we have our target for the end of (2).
I work the next two days, but I expect price to work its way up into my target box over the next day or two. If price does not continue to rise as expected, then this means we have very possibly started our wave 3 descent with confirmation being a breach of $234.58. With the way structure has been acting, this isn't a very high probability to me. Nonetheless, something we need to be cognizant about.
I plan on entering a total of 10-15 puts when we are in that target box. When/If I do, I will update on here as always. Good Luck everyone!
Bonam Fortunam,
--Tyler
I also stated in my last post:
"My ALT, which is labeled in turquoise, suggests this has all been part of just the micro a wave of our wave (2). If this is the case, then I suspect we should drop to around low $240ish before rising back up to the $260's to complete the micro c wave.
The key to determining the difference between the two is......STRUCTURE. If it is to be a micro b wave, then it will be a 3 wave move down towards the low $240's. If it is the start of wave 3 then we should have a 5 wave move to the downside to kick it off."
We did almost EXACTLY this. Dropped in a 3-wave move down to $239.35, and then bounced up with positive divergence yet to be broken. Now that we have a very good idea of where we are in the count, we utilize the fib extension tool combined with the fib retracement tool, and viola, we have our target for the end of (2).
I work the next two days, but I expect price to work its way up into my target box over the next day or two. If price does not continue to rise as expected, then this means we have very possibly started our wave 3 descent with confirmation being a breach of $234.58. With the way structure has been acting, this isn't a very high probability to me. Nonetheless, something we need to be cognizant about.
I plan on entering a total of 10-15 puts when we are in that target box. When/If I do, I will update on here as always. Good Luck everyone!
Bonam Fortunam,
--Tyler
Comment:
Meant to put this here: Man I love EWT...coming into the target box now. Will update tonight
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
