So from yesterdays chart (Update) I gave a range for 5 based on the 5th wave termination estimates, and we completed yesterday at the low end of that range.
What do we have today? A very impulsive move down. We already have lower lows than yesterday on the INDU, COMPQ and NDX (as I type this the SPX has not yet). So here are the notes on my chart from below. Pay attention to what I am emphasizing in bold print:
"From 11/19:
1 = 37 pts
3 = 35 pts
Since 3 cannot be shortest 5 must be 35 pts max => 5 ends at 1166 or less.
Also using a 5th wave termination estimate with a factor of 0.618 (most common) => 5 ends at 1166.3. Which is good agreement for bullish scenario.
Using a 5th wave termination estimate with a factor of 0.382 (secondmost common behind 0.618) => 5th wave ends at 1152.7.
Today:
We were at the low end of my range yesterday. Today we get a lower low on most indices. We have had a junction of three 5-wave moves of the same degree. The most likely explanation to me is
First 5-wave) C of 4
Second 5-wave) 5 up to complete uptrend
Third 5-wave) 1 down"
Addition 11:15 - Longer Term Chart. Lots of broken trend lines
Addition 1:45 - for bubblejeopardy
