The market bounced today as expected and the W3 (1372-1340) from yesterday retraced into its Fib territory, which prepares the market for another leg down as soon as tomorrow. And since this is a triple nested count (the first one I've seen in a long time), the market needs another leg down to finish a III. Only to start a IV bounce to its Fib territory but this time counting from II which is 1376. It is worth nothing W1 (1376-1366) was around 10 points and the W3 that was put in yesterday was about 32 points, which implies 10 x 1.618 x 2 = 32. So W5 might end up being 16 points or 32 points, which would take us down to 1322-1338 if the W4 high was put in today at 1354. All speculation obviously so we'll see how it plays out. The Trend Average has started to drop and it is at 1363.
I bought back what I sold yesterday and trades were logged as follows:
TRENDING WAVES PORTFOLIO
Great work VT. I appreciate your blog, its quickly become one if my favorites.
ReplyDelete