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You are probably correct in the ABC count you gave. For a C wave I
look
at two possible scenarios.
1. The C wave ending somewhere in the previous 4th wave area, possible
denoted by a fibinaci retracement level. Your chart is just about
there, but I cannot see all of the previous 4th wave. Support often
resides at the bottom the the 4th wave range too. The max retracement
would be the top of wave 1. Or elliott rules start to break.
2. The C wave at least equal and usually longer than the A wave.
The length of C may be a fibinaci multiple too, such as 1.618
or 1.38 of A. This might be worth plotting.
You short term chart looks like a winner. But we all know how quickly
that can change.
schong@xxxxxxxxxxxxxxxxxx wrote:
>
> I would like to get the opinions from the Elliot Wave practioners in
> this forum regarding my wave count on the Australian Share Price Index
> futures.
>
> I believe we are in wave C of a flat correction(green labels) and
> we have just completed wave 4(purple labels) which is a running
> flat as of August 21st. A Japanese candlestick Shooting Star formed
> today on an important change in trend(CIT) date. I am not giving the
> usual +/- 1 day for a CIT because I managed to tuned it down to the
> exact day in this instance.
>
> By not taking out the high of 2665(the most recent top just before the
> DOW dropped 247 points) today I changed my elliot wave count from
> a completed flat correction(green labels) with a possible X wave up
> to the present one.
>
> Is it possible for a running flat to occur in wave C(green label) which
> is
> a corrective wave? If so does running flat usually indicate
> an extension in the market because in this context it indicates a very
> weak market?
>
> Any comments would be appreciated.
>
> cheers,
>
> Clement Ong
>
> ---------------------------------------------------------------
> [Image]
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