Hi Lara: I really appreciate the fact that you offer alternative wave counts in your analysis. I wanted to ask at what level in the bullish wave count would you expect the declining intermediate wave 2 to find support? Also do you think that the decline of wave 2 would be deep enough to alleviate the current remarkably elevated bullish sentiment?(which in my view favors the bearish count. Thanks!
Lara
on November 26, 2013 at 8:45 pm
For the DJIA the second wave would be at minor degree.
It should breach the smaller pink channel about minor wave 1 and find support at the lower edge of the black — acceleration channel about interemediate waves (1) and (2) on the monthly chart. If it breached this channel then I would discard the bullish wave count.
So at this stage I’m using channels not price points to see where I expect it should find support.
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Hi Lara: I really appreciate the fact that you offer alternative wave counts in your analysis. I wanted to ask at what level in the bullish wave count would you expect the declining intermediate wave 2 to find support? Also do you think that the decline of wave 2 would be deep enough to alleviate the current remarkably elevated bullish sentiment?(which in my view favors the bearish count. Thanks!
For the DJIA the second wave would be at minor degree.
It should breach the smaller pink channel about minor wave 1 and find support at the lower edge of the black — acceleration channel about interemediate waves (1) and (2) on the monthly chart. If it breached this channel then I would discard the bullish wave count.
So at this stage I’m using channels not price points to see where I expect it should find support.