Hi Jef, have to agree with your 5 of 1 wave count. Wave 1 is still in progress!
I believe, but stand correction, that EWers will count a-b-c-x after a trend change (our 9mo down) to call the wave 1 of 1. But definitely, agree we got a small wave 5 of 1 in progress. Another way to see it, when this small wave 1 is done, it may also be labeled as wave a. Regardless, we are still at the start of our journey.
I get a .27 retracement from 8.5 to 7.25. Sooo, very close to calling wave 2 started and ended, but I won't. I'll double check in any event. (You wrote you got 14% retracement for the same, wave 4 of 1, but you based on absolute value of 8.5. should be using the value of current move)
This changes my 13.50 calc. Based on $4 as beginning point, $9 close on friday and allow .32 retracement (a guess) for wave 2, then my new call is a min $15.49 wave 3 peak.
But if wave 5 of 1 is not done yet, end of wave 3 would be higher than 15.49. :0)
With the volumes recently, it appears as if the 'perfect' chart is being painted before our eyes. |
