After dropping below 14100 my wave count is slightly changed, nothing material. C appears to have developed in a WXY pattern. Since prices bounced off the 85% retracement of Wave A (from January lows) i'm calling the B here. One element leaves me in doubt, that W would have developed in 5waves, which leaves open the possibility of another leg down. We are very close to the January lows (13719) underneath which the entire corrective structure falls apart. I'm relatively optimistic here, if the market wanted to go lower on friday, or indeed thursday, it had every chance, completely missing activity by the Bulls.
Kommentera:
It actually just dawned on me, that this b wave may have developed in a triangle.
