Wednesday 8:40pm (Pacific) I am very happy with this nazz count. I got out of the weeds (intra-days) and I now believe we are in the 5 th wave of this set. This is somewhat good news because it means we are closer to a bounce than I previously thought. On the daily chart I believe we are close to finishing wave (3) of wave 5. Here I use a 5 th wave Fibonacci extension of wave 1-3 to target 1623 as the end of wave (3). However, when I zoom in to view the detail, now that I am happy with the higher level of degree (daily), in Chart2 I get a confluence of a 2.618 extension down from (2), and a .382 extension down from iv (This assumes the retracement of wave iv is finished). We now have 2 targets for the end of wave (3). In Chart3 I use both of these targets and assume only a .250 retracement for both. This has been the common theme for 4 th waves when it is part of a 3 rd wave of a higher degree. I then extend common extensions of 5 th waves to arrive at wave (5) targets, which is also the end of wave 5. Pulling Fibonacci extensions from both Chart2 and 3, I believe that 1590-1595 is the most probable target for the end of wave 5.
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Wednesday 8:40pm (Pacific) I am very happy with this nazz count. I got out of the weeds (intra-days) and I now believe we are in the 5th wave of this set. This is somewhat good news because it means we are closer to a bounce than I previously thought. On the daily chart I believe we are close to finishing wave (3) of wave 5. Here I use a 5th wave Fibonacci extension of wave 1-3 to target 1623 as the end of wave (3).
However, when I zoom in to view the detail, now that I am happy with the higher level of degree (daily), in Chart2 I get a confluence of a 2.618 extension down from (2), and a .382 extension down from iv (This assumes the retracement of wave iv is finished). We now have 2 targets for the end of wave (3). In Chart3 I use both of these targets and assume only a .250 retracement for both. This has been the common theme for 4th waves when it is part of a 3rd wave of a higher degree. I then extend common extensions of 5th waves to arrive at wave (5) targets, which is also the end of wave 5. Pulling Fibonacci extensions from both Chart2 and 3, I believe that 1590-1595 is the most probable target for the end of wave 5.
Chart2
Chart3
If wave iv retraces higher than 1659 overnight, or something else unforeseen happens, I will update before the market in the morning. TMD/DW The market detective provides personal market opinion based on sound technical analysis and research. However, no warranty is given or implied as to its true reliability. The market detective will make errors and mistakes. The market detective is not an investment adviser and is not making recommendations to buy, sell, or place orders relating to the futures contracts, ETFs, or stocks that he writes about. The responsibility for decisions made from information contained in this service are solely that of the individual subscriber. The individual must fully research and make his/her own decisions before acting on any information provided by the market detective. The market detective assumes no responsibility for subscriber investment or trading results.