Recount On The Card
Okay, enough nagging on why the past three weeks' correction was so shallow. I found the answer ! Using the "what if" feature in my Elliot Wave software, I was able to emulate the wave count when the index breaks 2,700 again. When that happen, there will be a recount.
The chart below is the present count. I think I have nagged before the 3 & 5 are too cramp and should not be almost the same height. Now I know why.... !
The chart below is the present count. I think I have nagged before the 3 & 5 are too cramp and should not be almost the same height. Now I know why.... !
Below is the emulation. The last candle is hypothetical. Once I added that last candle purposely exceeded 2,700, the chart immediately show the recount as below :
Of course in real life, the market will not give us such a long candle in one session or would it happens by tomorrow. Whatever time it takes for us to break 2,700, that will be last leg of the 5 waves. After that, the real deeper correction I have anticipated will follow.
To conclude, it was my mistake to have thought that the 5 Waves have completed and that the past three weeks correction was the correction after 5 Waves. I think we have at least another 100 points up from here as the last leg !
To conclude, it was my mistake to have thought that the 5 Waves have completed and that the past three weeks correction was the correction after 5 Waves. I think we have at least another 100 points up from here as the last leg !
Labels: Market Direction
posted by Market Wizards @ August 26, 2009
Comments: 0
