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Saturday, March 29, 2014

Saturday, 3/29/14 update

Intermediate W2 has been in progress since the Intermediate W1 top on Mar 7 and appears to be forming a flat.  The A leg of that structure bottomed at a low of 1823.50 on Mar 16 and the B leg topped at 1876.75 on Mar 21. 

Minor Wave C of the flat looks to be tracing out an ending diagonal with Minute Waves 1 through 4 of the move done and W5 under way.  It needs to be noted that if this count is correct then Minute W3 is shorter than Minute W1, so Minute W5 cannot be longer than Minute W3 - in EW rules a 3rd wave cannot be the shortest wave in a 5 wave sequence.  Minute W5 would equal Minute W3 at 1824.75, so this is the line in the sand.  A drop below this level would rule out the ending diagonal idea and suggest that Minor Wave C has formed a series of nested 1st & 2nd waves and will thus potentially cut much deeper.    
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