Hello Traders,
the low at 11661.30 on October 15 is valid. This occurs with a weak a/d-ratio of 0.28 and the recovery since is weak too.
Yesterday's trading session brought a ratio of 1.6 and an advance of 82.10 points.
The structure of the decline from the possible wave ((iii)) high @ 12022.05 is not as clear as it seems to be.
Either it peaked at this high and the following move was an a-b(expanding)-c flat or the high at 12025.45 on Oct. 15 was the wave ((iii)) high!
In the first case, the corrective setback could be done at 11661.30 and the next is an advance to new highs above 12022.05. In the latter scenario, a longer-lasting correction could be underway, maybe a triangle or a combination of a flat.
The working assumption should be, that the high on Oct. 12 was a wave ((iii)), the corrective setback is done and the next move is to the upside to complete the countertrend from the March lows.
Any decline below the 116961.30 levels would fit into the alt count. Any cut of the wave ((i)) high at 11305.40 would voite this count and strengthen the odds, that the high is in the store and a wave of declining price should be underway.
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
the low at 11661.30 on October 15 is valid. This occurs with a weak a/d-ratio of 0.28 and the recovery since is weak too.
Yesterday's trading session brought a ratio of 1.6 and an advance of 82.10 points.
The structure of the decline from the possible wave ((iii)) high @ 12022.05 is not as clear as it seems to be.
Either it peaked at this high and the following move was an a-b(expanding)-c flat or the high at 12025.45 on Oct. 15 was the wave ((iii)) high!
In the first case, the corrective setback could be done at 11661.30 and the next is an advance to new highs above 12022.05. In the latter scenario, a longer-lasting correction could be underway, maybe a triangle or a combination of a flat.
The working assumption should be, that the high on Oct. 12 was a wave ((iii)), the corrective setback is done and the next move is to the upside to complete the countertrend from the March lows.
Any decline below the 116961.30 levels would fit into the alt count. Any cut of the wave ((i)) high at 11305.40 would voite this count and strengthen the odds, that the high is in the store and a wave of declining price should be underway.
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!