We’re moving now more towards a resolution on the short term count for the market. It’s quite possible our 4th wave correction scenario is still playing out, but it’s also possible that 1357 ended the correction. No one knows about these things, other than some hints we can look for in the pattern on the prior run up. In this case, we are counting wave 2 as the move from 1267 to 1202. It was a sharp correction, so the concept of alternation in Elliott Wave would suggest that wave 4 should be a complex, more horizontal correction, and the move to 1357 was not. Unfortunately, alternation is a guideline, not a rule, so we can only take that at face value and assess the market as it is. Today, we have what could be a minor wave 3 counting off of 1357. The move for the 5th wave does not have to count like typical impulse waves, so it’s important to keep an open mind and not get caught up in wave counts at the moment and just pay attention to support at 1357 and for right now, resistance at 1388.
ABOUT US
Mario Randholm Blog. Mario is the founder of Randholm & Co. S.A.C., an investment management company dedicated to producing superior returns for its clients and employees by adhering to mathematical and statistical methods.
Disclaimer:
Risk Disclosure: Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
Hypothetical Performance Disclosure: Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.
Testimonials Disclosure: Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.