Thursday, October 15, 2020

Just a Quick Bonus Thursday Chart for Edumacashunul Dolphins (Porpoises)

Yesterday's call of an impulsive turn from 3549 and another leg down has obviously proven out -- not gonna say much else here, just going to reprint what I'd written with this chart in the forums:

Someone asked me to post a micro count showing why I called a turn yesterday... I had to do up the chart special, because I rarely feel the need to break these down anymore (though sometimes) -- I typically just eyeball the wave and I guess experience does the rest. On Tuesday night, one glance at Tuesday's chart led me to believe we'd seen an impulsive decline down from 3549. Considering it's the first time I've called an impulsive decline since the bottom at 3209 (340 points!), I guess experience, as they say, counts for something. ¯\_(ツ)_/¯

Note that the end of day rally yesterday was likely wave 4 of either C or 3, so that makes this morning's gap down part of 5 of C/3 -- which means the larger decline is not yet impulsive and would need a larger 4/5 to become so.  Trade safe.

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