So what if we immediately head backup above 956? Other than Minor Wave B retracing all of Minor A, the only way I can imagine that we would make a new high before completing Minor wave C is if we are in an Intermediate X wave, suggesting a triple zigzag from the March lows with three more (A B C) Intermediate waves to go. Since an X wave can be a wild card it would work, but it would be a wacky count. Remember I'm not advocating this count, but simply trying to play devils advocate.
Daneric presented a similar idea, and he too admited it was not technically sound by EW standards. https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhq-33dIgYbIGJ0bCpctYj4_X6eJ1OZkXYtJx4r-MGnuoDb3dMyLqBiht94VSCjd7EnwxEb05jTtSKozU_4OlbjUlbB8qyt2oVSYtg6IHAOyZ4L9hNUWBZjvYOpvyyfK7G12VIMDQ04-bLC/s1600-h/daily.png

While playing around with alternative counts I came up with a few others. Each would already have us in Minor Wave C two of them assume that we completed Minor B by way of a double zigzag, and the third assumes a running flat for minute wave b.



I still believe the market will be up Monday morning to finish Minor C as depicted in my chart below. The 915 line has been tested four times now. If we break that, I believe I would grab my bear suit and order up some short positions.


Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
I keep coming back to look at this chart and I'm beginning to feel like we may actually be in wave c. Stochastics are looking like a gap down would fit. I've also been playing around with Andrews Pitchfork. This is something new to me, but it too seems to be indicating that B has peaked.
ReplyDeleteThe alternative counts may not be without merit.