In the backlink I was looking for wave 4 to complete before moving to one final high to form the 5th wave up. The model from that post is below. Because the wave was looking very rising wedge-ish I suspected it would turn into a 4th wave HT.
While this did not turn into an HT, I left the HT lines in below for reference and easy comparison to above model. Bottom line, wave 5 was already in progress when I made that post; 1 of 5 was nearing its ending stages. I now count wave 5 complete and so we should see a big pullback in banking shares to at least the level of the prior 4th ($66) but it could be much lower if Prechter's count is right.
MUCH lower. UVXY and FAZ should be moving up rapidly soon.
Friday, August 7, 2015
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