Tracking a potential fourth wave (Chart 1), while cognizant of the risk of a nested wave ones and wave twos down (currently in wave three!)
This potential fourth wave is likely tracing out a double zigzag (Chart 2)
The final zag can be counted as complete (Chart 3 blue) but would look better in form with a lower low (Chart 3 red).
Chart 1 - on the blue count.
ReplyDeleteI would ask the questions -
[1] How many wave 2's have a B wave in it that is higher than the commence point (ie end of wave v of 1),
&
[2] How many wave 3's are are as short in multiple to wave 1 as 2020 to 2021 ?
Normally a blue wave 1 of the same deg starting from a base like the 2009 low would be around the 2007 top area, not way up where you have it.
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Using the count aspects you have assessed in the upward progression your wave 1 2 (if anything) is better described as 3 4.
I would refer you to the count on UKX & DAX for a better perspective for the same LT period.