Left hand count: That massive drop has changed things pretty significantly, at this point I have to forecast that the recent impulse up was actually wave 5 and not the start of a cycle wave # primary. I will be looking for a correction then one more down before the bulls come back in.
Right hand count: This idea has more merit now, and this is the count of Prechter from Elliott Wave International. Next best thing to do is let a corrective pattern develop before we make any decisions.
Can I start by saying as a complete amateur at EW theory how helpful and instructive your approach is (be it right or wrong). I say that because you are succinctly illustrating how good EW theorists are always considering alternative counts.... "I think we are probably here - but we might be there" and what those alternate counts are. Although the suggestion that alternatives exist forms the basis of most criticisms of EW theory the fact of the matter is that, in this game of probabilities, we all have to start somewhere and EW theory is a perfectly acceptable starting point. At my level of understanding (talk to me about XY waves and I become a headless chicken!) it matters not a jot which particular wave of which particular degree we are in. However if a body of sensible EW theorists think we are either in a 1,3,or 5th wave or an A or a C wave I prick my ears up because it assists me in forming a view of the probability of direction. I also find EW helpful in the longer time frames in telling us where we probably are on a longer term view. With those thoughts in mind I shall risk displaying my ignorance by posing a question. Is it not possible that, from the recent high (on a daily timeframe), we have just seen the peak of wave B (or are still in a very untidy B wave) where A was the December low? Were that in fact the position then, we should be anticipating as a possibility a very significant C wave down to at least the December lows should we not?
Otherwise FWIW, if I properly understand an earlier comment of yours, I disagree with the suggestion that corrections take longer than impulses. Corrections in my experience are savage by comparison to impulses. But what do I know!
Kudos for your efforts,
Piggy
MoneyEngineer
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@piggytheidiot, Hey i appreciate the feedback and compliment, I just have seen so many people only have one count and lose all their money that I felt a need to show how you can flow with the charts without bias. Having an alternate on the screen at all times is a must to control bias and emotions. Elliott Wave always provides a full spectrum picture of what can happen, not what WILL happen. That is why it faces such criticism, but people do not realize you are not supposed to "trade" Elliott Wave. I have another entire different set of rules when i consider entering a trade, also i have a indicator combination that i use to determine if a count is probable based on volume and divergences. Picture a sniper in a war, he is armed with a 50 cal rifle with a scope that can see a mile out. Just because he can see clearly what everyone else cant, does not mean he has the skill to shoot the target 1 mile out.
Otherwise FWIW, if I properly understand an earlier comment of yours, I disagree with the suggestion that corrections take longer than impulses. Corrections in my experience are savage by comparison to impulses. But what do I know!
Kudos for your efforts,
Piggy