Lets try to keep it simple at first. Anyone can look at the down trend yesterday and say it was fast or impulsive and then from there and into this morning that it is very congested, or complex or corrective wave. I use my lines to confirm where the market turns and looking at the pattern going down to identify that wave. I will get more into my opinion on identifying wave patterns. Just with that one can keep on top. The line is the confirmation of an opinion. Like today it went lower then I expected. That changes my future outlook of the pattern. Of course when one looks at the larger chart it says more upside. I expect higher. What pattern to get there is unsure. Knowing you in a complex or corrective pattern means one has to be flexible and the lines help with that.

This pattern going up. Looks like a one and two cluster and a three and four cluster. Impulsive. Look back at the other patterns to decide what options are left. Now if it stays above the line it may appear a different pattern and accept that. The line helps keep you in market to identify that pattern.

One thing for sure if your view is changing all the time. Your in a corrective wave of some type. This is the channel and I am suspecting back to the last low and red line. I will wait it out as I have other things to content with. That means I will look at it from time to time to see if a pattern shows up other then the one illustrated.

Fourth wave using a the bigger chart to see the bigger wave. Headed sideways and down a bit to the brown line

Previous post shows a fourth wave, but where we are in it. Not sure at this point. Here is my trade.

The two images look identical...

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I apologize for the same image. Here is the larger image. I took a short break to let my brain analyze. I would say, abc with c a failure. Is that an A wave of a larger abc or a fourth wave. the up movement pattern should define that and talk in next post about that. It does appear it is trying to hit the upper line. then it will try for the other lower line. I can say for sure, I got confused yesterday and I take that usually as a corrective wave. Like Bill Williams says, when every body is uncertain. Your most likely in a fourth wave.

Last night, the action or movement was basicly sideways. So that is a flat correction. Is it a wave four or a b wave.
I mentioned in last post that the larger correction was an abc with a c failure. If that is true this is a b wave or fifth wave. To me it seems pretty consolidated or congested. So most likely a B wave and might be inverted one. the line is drawn and trade on that determine the wave later. Hopefully, sooner than later. For now I am leaning to wave B up

Over the week end I am heading to Minnesota to see my 83 year old Mom and not sure how much time I will have for posting next week. Will try. I will drive as I love show the world my home plate made car plate UCC 1-103.6 that code states that common law is still in affect and the only law I live by. There codes, statues are not real law per Self V Rhay.
That is just another hoppy of mine, anyhow and very lucrative. I agree with the great trader Larry Williams that taxation is illegal.


Have a great week end, in case I forget later to wish that .

The market pulled back to line and engaged my long. Watch closely as I want the line to hold or get out. I could have watched market and when market shows a turn on line. Then buy. The more safer way.

Got lucky and nailed it to almost one tick. Need to move stop to break even. And a reversal stop just below it as it would break the line. Or one holds for a profit as it goes higher and touches the line and when it breaks exit. One can use this to also add contracts as it goes higher.

For education. If I believed that this up movement was the fifth wave. I would sell the line I drawn and PS with reversal stop just above it. That way you have a small loss. Low risk entry point. The object of trading is to enter at low risk points. that is not risking much to prove your opinion. Its just like betting. When you know your absoulutely right. You put up the money and when not you only use a penny.