This is a great opening. Here is what I expect. Wave 3 is shorter than wave1 so wave 5 will also be shorter than wave 3. R2 is at 930 and R3 is too far so I'm expecting the market to peak at 930.This reference to wave 3 assumes that my count is the correct count. Pedram is counting what I call wave 2 as wave x. He is expecting a double zigzag. When I asked why he said
"your labeling has a running flat and I don't like to label waves that wave until forced. I think double zigzags are common especially when the initial rally is not that strong, which is the case so far."
Since I respect his opinion I should probably relabel the count, but for now I'm just watching to see what happens.
The significant difference is my count would incur an overlap at 920.37 and Pedram's count would be stopped at 907.94.
One other difference would be that his count does not restrict the advance to 930. If we do go to R3, I'd definitely have to change my count.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
This did not seem to warrant a new post so I'm just throwing it in as a comment.
ReplyDeleteFor the second day in a row the EUR/USD and SPX have significantly diverged. At 11:30 EST the Euro surged aggressively while the SPX slowly fell.
I don't know if that is important, but it's definitely different from what has been going on between these to markets.
I'd like to hear your comment.