Touching or piercing the red line indicates wave four has been accomplished. Then the fifth wave initial target is set, but one should count the waves to pin it down. Using a three or two minute chart can make one very accurate on the turn points most of the time. That should be the end of wave one and much higher to go in the long term. This software I do like, but do not use its automatic wave counting. I set the initial wave and let it predict as seen and find tune it in counting the waves.
sillywaves
Can you help answer these questions from other members on futures io?
Interesting. I do not see my chart which tells wonders. Oh well, this is for me and if the public wants to know they will have to figure it out. In predicting waves one must use a larger chart. I use a two bar chart of day trading only data. As one can see here it is much higher for this wave and all the counting is with that in mind. No major corrections till then.
You may not be aware that we have a policy of no politics on the forum. This is meant to be purely a trading forum, and not a place for any politics or political views of any nature.
I have deleted your last post because of the political comments. Feel free to repost with only the trading information.
Thanks.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
The following user says Thank You to bobwest for this post:
Screenshot 2023-05-18 at 18.12.20
I hit my target and so I am short now. Tomorrow morning it may challenge for a bit higher than my entry. Looking for red -c-. In corrective wave marekets the -c- is the longest and more so when the corrective wave is a flat correction.
The following user says Thank You to silly for this post:
I will be forced to change and adapt or lose. New pattern or alternate pattern of choice. As it already appears the overnight market held its ground. The market has created a support level to be broken to consider the short to stay in place.
The following user says Thank You to silly for this post:
Hit target and emotions got me out of an excellent position in the trade, lose small change and then back short again. Darn emotions one needs to control.The market exceeding 50% is another confirmation that the trend has changed. If this is a fourth wave and breaking 50% it seldom makes a new high, or a new high barley. Does give others a second chance to get on board.
The grey area of previous fourth wave area broken is more confirmation the new trend is in place. If this is just a sharp abc correction wave the grey area should hold. If not it confirms a 3 wave is valid. Rather than look for alternative counts I look for confirmation points. When confirmation does not show up time to figure the alternative court.
Right now I want further down to confirm this is not a fourth wave.
