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Monday, October 5, 2020
Monday Update (10/5/20)
To Mkt Man regarding T, nothing especially interesting, but note very different profiles based on adjusted and non-adjusted prices.
I see a 16-18yr pennant (triangle) from 1999 peak - attempt to breakout up and failure then down one wave from 2016-18 then countertrend in 2019 and something running still now on the neg side.
Current down wave since Jan has to be either a 3 or C wave and exactly where it is in those is the question. Thats based on orthodox EW view. Doesnt look flash given the failed attempt to break out.
What has 2007 high got to do with it as its the pennant angles are the controlling ones and the key high is 1999.
My above comment relates to the MT LT picture as the 2016-18 decline has 5 waves and took 2 years (is an impulse), so a C wave would take the same amount of time and alt a neg wave 3 would take 3 yrs probably (only 1 yr expended so far).
ST the pattern could do go either way.
My focus on it now is it is at a point and pattern to watch.
Was wanting your EW count on a non log chart of AT&T.
ReplyDeleteWhat does the past 3yrs indicate ?
can't see much on a 3yr non-log chart either, potential HS but left shoulder is missing. What do you see?
DeleteI see a 16-18yr pennant (triangle) from 1999 peak - attempt to breakout up and failure then down one wave from 2016-18 then countertrend in 2019 and something running still now on the neg side.
DeleteCurrent down wave since Jan has to be either a 3 or C wave and exactly where it is in those is the question. Thats based on orthodox EW view. Doesnt look flash given the failed attempt to break out.
2016 high is slightly higher than 2007 high.
DeleteA breakdown may require a breach of the 2020 low decisively.
What has 2007 high got to do with it as its the pennant angles are the controlling ones and the key high is 1999.
DeleteMy above comment relates to the MT LT picture as the 2016-18 decline has 5 waves and took 2 years (is an impulse), so a C wave would take the same amount of time and alt a neg wave 3 would take 3 yrs probably (only 1 yr expended so far).
ST the pattern could do go either way.
My focus on it now is it is at a point and pattern to watch.