Instead, wave 5 of 1 down fell all the way to just above $333. At least, I count it that way for now. After that we got 3 waves back up which took us almost to 363 again. That makes sense because the bounce target does not change simply because wave 5 extended. So we ended up with a pretty deep vee 2nd. It's still possible to get one more small wave up to the 363 level before headed back down but much higher than that and I will begin to strongly question this count. If this count is correct we should expect acceleration downward because it will be a 3rd wave down which means it should move quickly per unit time.
Tuesday, April 14, 2015
[IBB] update
In the backlink I modeled that IBB had peaked with a big spike and then had counted 4 waves down. I was thus expecting a small 5th wave down before a bounce to the level of the prior 4th which I had established to be $363.
Instead, wave 5 of 1 down fell all the way to just above $333. At least, I count it that way for now. After that we got 3 waves back up which took us almost to 363 again. That makes sense because the bounce target does not change simply because wave 5 extended. So we ended up with a pretty deep vee 2nd. It's still possible to get one more small wave up to the 363 level before headed back down but much higher than that and I will begin to strongly question this count. If this count is correct we should expect acceleration downward because it will be a 3rd wave down which means it should move quickly per unit time.
Instead, wave 5 of 1 down fell all the way to just above $333. At least, I count it that way for now. After that we got 3 waves back up which took us almost to 363 again. That makes sense because the bounce target does not change simply because wave 5 extended. So we ended up with a pretty deep vee 2nd. It's still possible to get one more small wave up to the 363 level before headed back down but much higher than that and I will begin to strongly question this count. If this count is correct we should expect acceleration downward because it will be a 3rd wave down which means it should move quickly per unit time.
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