I put up the micro count for the bearish option of P3, with this being part of the correction wave 2 up. I have labeled it a-b-c-x-a-b-c, because of the retracement we have already achieved, over 50% as it stands now. With one more wave up ,"c", would place it right about the 61% level, finishing off wave 2 up. There still is the option and an impulse count there to label this also as wave "A" of 2, but that would end up pushing the limits after we added the "C" wave, unless we had an contracting triangle for the over-all structure of wave 2.
I hope everyone enjoys their three and a half day week-end (I think most of you bailed out at lunch time)
Hi Michael.
ReplyDeleteI wanted to ask for your opinion on my latest blog post. I have DOW, SPX and FTSE posted.
3 charts on the big picture as I see it (something original), and 3 charts on recent activity (I see possible ascending wedges, perhaps one more small high)...
There is not much text that goes with the charts, but let me know what you think.
Many Thanks
http://elliotticians.blogspot.com/2009/09/big-picture-this-is-chart-of-ftse-100.html
ReplyDeleteMax, hope you see this, I tried commenting on your blog, but it would not post, if you relabel that as a triangle, a-b-c-d-e, then you do not have to worry about wave 4 entering wave 1, the formation is possible, but in my opinion unlikely.
ReplyDelete