tag:blogger.com,1999:blog-3909505513533980987.post8609921788601685456..comments2022-08-01T05:34:44.020-04:00Comments on Trader Craig's Market Edge: Another 5 Waves DownAnonymoushttp://www.blogger.com/profile/09362814861901777574noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-3909505513533980987.post-34414617433124930742009-06-23T21:20:35.487-04:002009-06-23T21:20:35.487-04:00The wave count could very well be 1,2,i,ii.
I thi...The wave count could very well be 1,2,i,ii.<br /><br />I think the thing we need to be cautious about, and what I have been waiting for, for weeks, is that this could be wave c of B, C of X, depending on how you count it.<br /><br />If wave iii down is next, it will be probably mark the majority of the down move as waves iv, v, and 4,5 will probably be choppy and only marginally lower.<br /><br />That, in my mind, will be the time to buy the "Summer Rally".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3909505513533980987.post-57222035925387984972009-06-23T14:31:38.537-04:002009-06-23T14:31:38.537-04:00Yesterday, i commented "IF we were to rally u...Yesterday, i commented "IF we were to rally up in a choppy manner like we did last Thurs thru Fri on the hourly charts TIL Weds Fed minutes, that would be very bearish for the next move down."<br /><br />From the 6/11 high that would have looked like a wave 1 followed by an "abc" on the hourly charts.<br /><br />With yesterday & today's decline, instead it looks like wave 1; wave 2 (last Thurs thru Fri); followed by a subwave 1; followed by a subwave 2.<br /><br />Either scenario puts us into a wave 3. The difference is earlier or later in wave 3.<br /><br />This would also be suggested by yesterday/today's low being confirmed by RSI & ROC on daily charts.<br /><br />More importantly, there has been technical damage done on weekly charts. This damage can be reversed by a strong rally since it is still early in the week.<br /><br />Regards,<br />davedavenoreply@blogger.com