moqual
38 posts
msg #57136
- Ignore moqual
modified |
11/28/2007 8:57:07 PM
moqual,
With that count, I'm assuming that your expecting some form of alternation to form here for wave 4.One thing I see that could negate that count would be a violation into 13,400 or higher,then the overlap comes into the picture.An alternate looks like a completed a,b,c wave from the Oct high with the c leg measuring very close to a nice 1.618 of wave a.
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jbrtrader,
Since last week's high of 13211 was exceeded with today's rally, I believe we are tracing out wave 4. I agree 100% with you that if we rally above 13407, that would suggest that the DJIA completed a 5 wave c category diagonal triangle last Wednesday indicating a low is already in place, but this means recent support would have to be broken in the short term. I still think we will top out shortly and then head below the August low in December in a 5th wave decline
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