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Midnight 27th Mentorspeak """"
"As the picture is still unclear, I am indulging in the practice of
trying to count the minor waves. This is not at all recommended and
no trading decisions should be taken on such counts. However, it
keeps you very much involved with the market until the picture gets
clearer.
This is what I'm looking at:
Ist WAVE - 7467 TO 8084 = 617 points
IInd WAVE in progress. If it is the IInd WAVE, it must be an a-b-c
irregular failure.
a-wave - 8084 to 7878 = 206 points
b-wave - 7878 to 8653 = 775 points (376% of a-wave)
c-wave - currently in progress
This c-wave must be a 5-wave count
1st wave - 8653 to 8446 = 207 points
2nd wave - 8446 to 8533 = 87 points (42% of 1st wave)
The 2nd wave was an a-b-c irregular failure
3rd wave - currently in progress, starting from 8533.
As the 2nd wave was an irregular failure, the 3rd wave
should be at least 161.8% of the 1st wave,
i.e. 207 X 1.618 = 335 points giving a minimum target of
8198 (8533 less 335).
The 4th and 5th waves would then follow to complete the IInd WAVE.
Do not forget the possibility that the Ist, IInd and IIIrd WAVES are
complete and that the IVth WAVE is in progress. If this is true, then
the Vth WAVE will extend and as we calculated earlier, the length of
this extended Vth WAVE will be a minimum of 1186 points."
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