Monday, March 28, 2011

I Caught the Knife, Now I Just Keep Stabbing

  Sort of changing the count from when I took a stab at it a few days ago.  The pivots stayed the same, the labels just rotated.  Speaking of rotation, I wouldn't worry too much if your horse takes a hit, or has taken a hit.  The fear seems to have left the building.  For this count to remain valid, that i level at 1296.5 can't be violated.  I'd look for 1300 to hold.  There is horizontal resistance at 1300, and it's a round number that's sure to bring out some buyers. 
  In all honesty, I'm not sure what levels to expect for this fifth wave, I'm sure someone else would be willing to throw out a number, but I don't see the point.  I feel like it will show itself as we get closer, so there's no point sticking my neck out.  Another thing to consider, which I hope people understand, is that I don't label in the traditional way that Daneric and EWI label.  I still recognize degrees and they are extremely important, I just choose not to because my charts are usually short-term and there is no need to worry about correct degrees.  I'm more concerned with readability than conforming to the degree structure.  So for instance, in the chart above, when yellow 5 ends, some may think I imply that's the end of the fifth wave, but my view is actually that yellow 5 would be 1 of minor 5.  I guess I could obsess over the degrees and have them all look so pretty, but what would be the fun in that?
  We've been moving in 20's on the futures, so if 1300 holds, 1320 is the next spot to look for resistance.
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