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Strategies & Market Trends : CFZ E-Wiggle Workspace
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To: mattstat who wrote (28980)7/9/2018 1:39:49 PM
From: POKERSAM  Read Replies (3) of 41400
 
We are at strong resistance level and until we take out 2791 my chart remains the same. The only alternate count I see will only make a minor change.
I understand the frustration. That is exactly the psychology of a wave two. As the wave two moves higher the response is "whew the correction is over". The bull is back. That wasn't so bad. That is always the response to a wave two. This wave [2] took a couple of patterns that caused it to drag out for a long period of time. First there was (A). It was an big abc to W of a big wxy. Then the(B) wave was long ABC. Then the (C) wave was a very long lasting ending diagonal. This long period of time for this [2] made it much worse. It lasted so long that the confidence that the correction is over has reached fever pitch.
First think about the purpose of a correction. They occur when the markets have gone too far too fast. This saying was actually coined by R.N. Elliott. Corrections give the markets a chance to digest what has just occurred. What had just occurred? The markets had gone straight up for near 500 hundred S&P points, topped at 2872 and then dropped near 300 points in seven days. WOW! give me some time to digest all this. I believe that is why this [2] has taken so long. But a wave [2] is all it is. We re near the top of wave 2 of wave (1) of [3].
Once the Ending Diagonal was recognized we expected exactly what we have seen. We saw the five abc waves with the overthrow of the top trend line. It played out perfectly and without surprise. We have now dropped from the end of [2] in a 1,2 and with the completion of 2 we will go down in 3. It is what it is. It cannot be what is impossible.

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