Short term counts from the Sept. 19 high
1 reply to this topic
Posted 01 October 2014 - 11:56 AM
Just for discussion or illustration - I am not highly confident of any of these counts.
Could also be 12345 in progress, which would be more bearish yet.
If we are in wave 3 from the high on Sept. 24, then the market should be accelerating downward, and it's really not done that yet. The move down from the Sept. 30 high looks like a textbook 5 waves, but it looks too short to be a third wave, compared to the decline from Sept. 24-25. A very short-term bearish view is that this apparent five-wave structure would be smaller wave 1 of 3.
A more bullish view is that we are nearly done with a double zig-zag move down from Sept. 19. From the Sept. 24 high, if developing wave c equals the length of wave a, then 1951 is targeted.
Posted 01 October 2014 - 12:34 PM
I am itching to cover short positions right here, but letting the market run....