CURRENT CHARTS


Click HERE to view current charts






Saturday, November 18, 2017

Saturday, 11/18/17 update

Recent market activity has been a little difficult to read from an EW standpoint.  The short term chart on last weekend's update had the low of Thurs, 11/9 labeled as the "c" wave in an irregular flat.  That was blown up this week when further selling continued that move down and formed a 3 wave move from the top on 11/8 - so we have an a-b-c down rather than a 5 wave impulse as required in a "c" wave.  This forced a revision of the short term count.  The current view is that Minute W3 ended with an ending diagonal that topped at the ATH of 11/8 and the subsequent 3 wave move into last Wednesday's low is the "a" wave of either a flat, triangle or multiple zig-zag Minute W4.

Short term chart:


From a wider perspective it's still the case that the current count (IF correct) requires a couple of additional W4 - W5 sequences before a significant top is in place.

Intermediate term chart:


NOTE: dotted lines show potential EW structures and are not necessarily accurate price/time forecasts   
blog comments powered by Disqus