First of all lets see how various charts posted in yesterday's page have shaped up:
Yesterday
Wolfe wave probability:
Today we opened up completing the Wolfe Target:
Yesterday (Pitchfork)
Today:
Hour Chart:
Yesterday:
Today:
All the above updates clearly illustrate how the day's tops & bottom's were contained in the channels and trendlines.
The Hour Chart posted above tells us that the first leg of the downmove from 5965 got completed at 5823 and the breach of channel on the upside is the source of this confirmation.
Now lets see what pattern was followed by this first leg of the Corrective to the down:
One way to read would be to see it as a zig-zag move ABC in following manner:
However,I would not keep these labels as my preferred ones primarily because of two reasons:
1. Subwave B has been too swift;
2.Subwave C has failed to follow the correct sw1<sw3<sw5 measurement.
I would instead prefer to see this first leg of downmove as a Diagonal wherein sw1<sw3<sw5 in following manner:
And it is this diagonal 5965-5823=142 that is being retraced today and has to be a 3w form.
50% retracement=5896 was done
61.8% retracement=88=5911
78.6% retracement=111=5935
The upmove 5823-5905 so far can be seen as an Impulse:
And if indeed this was an Impulse as illustrated ( you can never be sure about the wave in action as it may develop into a new form very fast) then we may see a zigzag retracement of Diagonal 5965-5823 in following way:
On Daily charts,today's close has been above 5DMA but bearish cross in 5/10 DMA and MACD (12,26,9) sustains --
Yesterday
Wolfe wave probability:
Yesterday (Pitchfork)
Today:
Hour Chart:
Yesterday:
Today:
All the above updates clearly illustrate how the day's tops & bottom's were contained in the channels and trendlines.
The Hour Chart posted above tells us that the first leg of the downmove from 5965 got completed at 5823 and the breach of channel on the upside is the source of this confirmation.
Now lets see what pattern was followed by this first leg of the Corrective to the down:
One way to read would be to see it as a zig-zag move ABC in following manner:
1. Subwave B has been too swift;
2.Subwave C has failed to follow the correct sw1<sw3<sw5 measurement.
I would instead prefer to see this first leg of downmove as a Diagonal wherein sw1<sw3<sw5 in following manner:
And it is this diagonal 5965-5823=142 that is being retraced today and has to be a 3w form.
50% retracement=5896 was done
61.8% retracement=88=5911
78.6% retracement=111=5935
The upmove 5823-5905 so far can be seen as an Impulse:
And if indeed this was an Impulse as illustrated ( you can never be sure about the wave in action as it may develop into a new form very fast) then we may see a zigzag retracement of Diagonal 5965-5823 in following way:
On Daily charts,today's close has been above 5DMA but bearish cross in 5/10 DMA and MACD (12,26,9) sustains --
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