Scott,
I believe we will see the completion of wave 3 down by Thursday's close, but can't say yet about wave 5.
On the smaller degree waves we're tracking (that form intraday), those pat rules don't always apply. In your example, if the A wave ran from 10 to 20, and b ran down from 20 to 4, and c ran back up from 4 to 9, it would'nt change the validity of the wave count from what I've seen. Whacky things can happen in the smaller degree wave counts that typically don't happen on the larger degree wave counts. So you're more concerned the number of bars without a new high, and number of bars within each wave (time passage), as you are with the starting and ending points of each wave.
You could have more than 5 parts in an impulse wave, if you get what is called an "extension". The extension usually happens inside of wave 3 of a 5 wave move, and makes the entire wave look like a 9 wave move. I've never witnessed more than 3 parts to a corrective or ABC wave. But note that since A & C are each composed of 5 waves, either may become extended. Hope that helps.
David |
