[PBR] update

At the backlink I provided the model below which essentially said that a falling wedge correction had been completed and that a bounce was likely coming.  The highest odds outcome at that point would have been a move up into 3 or C.



As you can see from actual below, the chart did reverse upward but instead of exploding upward it formed yet another wedge, this one rising.  The implication there was that it also was corrective and so a lower low would be indicated.  And so the chart fell back to the next fib support level as seen on the chart below.

What happened since then might look like another wedge but I don't count it like that.  I could be wrong this could fall again back to the 61.8 fib.  After all, the current move has been little more than a gap fill.  So I would be careful about believing the red up-sloping line too heavily until we get more evidence that the 38.2 fib is going to hold.  In any case, I would not buy the peak as a rule.  Dips will come, buy them at EW-prescribed levels and then use stops just below them.  If you have discipline in doing this your odds of winning will be far greater than if you just used gut feel.  Gut feel is really your internal feeling of herd think.  It's follower-think and EW is all about leading and predicting, not following.