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Friday, April 17, 2009

Ending Diagonal to End the Ending Diagonal



I've been trying to get a decent read on the intraday waves for this final subwave 5 move from the 835 low. Its kind of difficult. If this is an ending diagonal from 779, then each leg should be a "three" preferably a zig zag. That's a guideline of Elliott Waves. So I am trying to count a "three" from the 835 low and it dawned on me that this may be an ending diagonal playing out within the larger ending diagonal. And that means we have another top coming shortly on Monday. But it shouldn't be much higher than 875. Maybe we do get some overthrow to 880. Its certainly gonna push my stop loss limit to the max although I am not really down in my trade so I will place my stop loss at 887 to allow for "wiggle room".
I think the key is that tiny expanding triangle that showed up. I thought it was some kind of wave 4 and the market kept going higher. So now it only makes sense as a B wave.
That silly little expanding triangle is in almost every index so it is an eye catcher. At it just may have betrayed the last death throes of this move up. I think its a B wave. And that means an ending diagonal within the last tiny C wave within the larger ending diagonal.
It would only make sense.
I'll sure look silly if this doesn't pan out. But no worries mate! Keep counting!
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