The 3 drive has pretty good looking harmonics/symmetry, But, EW suggests this will fail - unless - price action is an expanded flat with the b wave touching the 1.27 fib ext before c wave to the upside. If a regular a-b-c correction ends about the .500/618 fib that would project a downside run shooting well past my stop levels. traderWgun also has an EW count that supports price action to the downside. *related ideas* So, even though the 3 drive has very low risk to know if it's wrong, I'll probably be looking for the short and ignore the long ~~~~~ Unless we get that expanded flat b wave first.
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dojitrader
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Looks to me like both the 3 drive and the EW corrective count
are now invalid. At best I can see an a wave with a 5 wave
subdivision which would mean this correction has a long ways
to go for a clear 5-3-5 abc correction, so, I'll stand aside for now.
I might go short at the top of the trend line for a test of the channel trade continuation.
are now invalid. At best I can see an a wave with a 5 wave
subdivision which would mean this correction has a long ways
to go for a clear 5-3-5 abc correction, so, I'll stand aside for now.
I might go short at the top of the trend line for a test of the channel trade continuation.