effing fractal layers.
so, could your current counts for the I-II-III waves (in july) possibly be an ABC corrective trend of the bear 5-wave count changing trends into a new bull wave I? I emphasize possibly, I do agree with your wave III count considering the market psychology
so, could your current counts for the I-II-III waves (in july) possibly be an ABC corrective trend of the bear 5-wave count changing trends into a new bull wave I? I emphasize possibly, I do agree with your wave III count considering the market psychology
You lost me. effing fractals indeed.
If you asking if there is a possible bearish count that could invalidate this count, I would answer that while it is possible, I have a hard time overlooking the strong 5 structure off the recent low around $65 that I have labelled Wave 1. I suppose my "Wave 1" could be Wave A of an ABC correction, and we could be finishing C here. But I don't see the overexuberance yet that I would expect at the finish of C.
There is also the guideline that waves 2 and 4 alternate between simple and complex. In the big-picture count Wave 2 was certainly a complex correction, so Wave 4 should be relatively simple.
I meant something more like this:
i think my question is, when you have an upwards ABC corrective trend of say a main bear trend, could that ABC be inside a trend-changing wave 1? or is ABC not even used at all if you're counting a bull wave?
edit: i think I figured it out. ABC are used simply to denote the corrective bounces of a continuing trend, and you start a new count for the opposite trend, right?
