user100000

user100000

here is my count for wave circle ii. that was not a diagonal as i suggested in previous post. it was just part of wave iv correction. i see it more clearly now. i just didn't get how the market was rising so i had to see what happened exactly

user100000

the (c) wave may be an ending diagonal... so a little more time is needed i guess before completing the diagonal pattern

user100000 Updated 

that was a classic zigzag correction. wave A = B typically (a)=(c) in this case too

user100000

just want to point out there was a missing wave in this impulse wave. it is finally showing up after a month of correction.

user100000

here is another slightly modified count. wave circle i is completed at 13052. we are now in a wave circle ii correction. the retracement is typical wave two i shall update this chart until we reach wave 5 (hopefully close to 30K)

user100000 Updated 

this is how i see wave 5 unfolding in the coming days. i think within next 4 days we retest the all time high wave circle iii seems to be extending. please note the overlapping which is hinting at extension

user100000

are all the fives waves accounted for? i believe so! here is my count. the fifth and third waves were extended

user100000

if you want to know how deep the correction might be, drawing a line from the origin to B and another parallel line passing through A will give you a good idea of how far the move can be pls see pink channel and note where C ends

user100000

i show some of the recent macd histogram divergence (bearish in red, bullish in green). my view of the market is wave 5 is unfolding at the moment. target is near the upper channel line by mid february to early march. 30K seems reasonable and a nice round number for primary wave (circle) 3 to end. later we have a more drawn out correction for primary wave four...

user100000 Updated 

it's often the case wave a = c that would be at 8728. im not saying the market will go there but is a possibility going back to july's low... there seems to be a ~60 day. we are at the end of this cycle so market is making its low today

user100000

ok, the triangle has been invalidated. it is now just a standard sideways flat correction (3-3-5 structure). this correction is similar to the jun/jul wave 4 (see blue arrow). both retracing 62% of wave 3 and of similar duration ~30 days

user100000

the triangle idea is still intact (wave c ending above wave a) so it hasn't been invalidated. i believe wave d is in progress at this time... note, the upper line of the blue channel is acting as support. also, market retesting the dashed downtrend line again today for the second time. overall the market seems to be on track to ~23K (ill update the target once...

user100000 Updated 

here is my alternate count,.. because of the way the market is taking it's time this whole correction still feels like a triangle. i believe wave d is in progress... remember, triangles are the pattern before the final leg in our case wave 5 i just don't like the "shape" of previously labeled i and ii

user100000

Back to basics... Downtrend was broken on Jan 3. Now, the market is retesting support.

user100000 Updated 

just out of curiosity i was curious to know what kind of wave one we had... it seems wave one was a leading diagonal. leading diagonals are usually deeply retraced... i believe the final wave v of (c) is in progress... next level is 22K which is 161.8% of wave one (typical ratio)

user100000

possible inverted head and shoulder pattern...

user100000

the triangle idea has been invalidated as the market decided to move below wave e, but not much has changed in terms of the overall direction. the correction is now just a generic WXY correction. the channel is now adjusted with red 4 at 12050

user100000

just a small update... wave i and ii seems to be completed (or very close to ending). the price action is near the lower blue channel line so expecting a bounce as wave iii unfolds taking out the ATH in the process note wave iii may extend to ~23K note the channel is created by using three points: red 2, red 4, red 3