the first leg down bounced and retraced quite perfectly 50% to 877. i'm curious why you think wave IV will begin from 750 rather than from 777 which is the 50% retracement.
"Wave 4: Wave four is typically clearly corrective. Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three." http://en.wikipedia.org/wiki/Elliott_wave_principle
2 comments:
steve,
the first leg down bounced and retraced quite perfectly 50% to 877. i'm curious why you think wave IV will begin from 750 rather than from 777 which is the 50% retracement.
thanks!
"Wave 4: Wave four is typically clearly corrective. Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three." http://en.wikipedia.org/wiki/Elliott_wave_principle
Seems like 50% extension is now progressing.
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