Francis:
I
like your analysis a lot. I opened an initial position in BGZ near the
close today. (see chart) This move could end abruptly. I intend to
go very short in the morning if we complete the enclosed pattern.
But
I am not making any projections on how far the initial move goes. If
this is the end of wave 4 it has happened quickly, but we have had minute
waves complete in a single day during this down move. Sept 18, 19 comes
to mind. I am becoming more convinced that sub 650 will happen, possibly
sub 600. The initial move could stop and reverse, but still this should
be a profitable trade soon.
So I will watch. Somewhere I seem to
recall JR saying that he loves wave 4's. I believe he said they either
retrace the previous wave 1 or they end in a triangle. The chart shows
where we stand in the triangle scenario.
The things that strike me
are:
- your analysis about the 1.6x move
- the possible EDT
- the
divergence forming
and the fact that Minute wave 1 ran nearly 140
points. If wave 4 is over, it is scary to think of how low we'll end up.
(720 - 140 = 580).
Bob B.
----- Original Message
-----
From: "Francis Bussiere" <fb@xxxxxxxxxxxxxx>
To:
TimeandCycles@xxxxxxxxxxxxxxx
Sent: Tuesday, March 10, 2009 12:24:32 PM GMT
-06:00 US/Canada Central
Subject: RE: [TimeandCycles] EW count
Hi
My current position is Wave A of Minute Wave 4 of
Minor Wave 5
If we end
this move up at 720, it would be 1.6x the previous 30 point
move.
Cheers
Francis
Second chart
on page below
This could be only minute 4 of minor 5 before we complete intermediate
3.
Andre