DOW

The level to watch today is 15606 as a break above this could send this flying.
If you look at the chart you can see the dow going sideways with a lot of indecision.
Sideways move is needed to build strength to go higher.


dl.dropboxusercontent.com/u/4899609/dow31stjuly.png

Hi WS,

Can I ask, i'm confused by this count, as we go from one kind of count (subwave or 2 degree's down from your primary wave) into one degree of wave up if you get me - like you jump from i,ii,iii to 1,2,3 in the next wave - but I thought i,ii,iii,iv,v makes a 1 - then wave 3 is made up of another set of i,ii,iii,iv,v.

Then a full set of 1,2,3,4,5 makes a Cycle wave I and so on?

WaveSurfer wrote: GC - as discussed on chat - here you go high level waves.....NO OVERLAP.

the Power of 3

current count Minor 3 of intV of Major 3 of PIII

dl.dropboxusercontent.com/u/40497882/dow_weekly_waves.JPG

rgds WS

J - back in side the fork again lol.

Up to 542/557 level before a test of the 340/8 breakout and doji top now?

---

looks good imo..




dl.dropboxusercontent.com/u/40497882/dow_channel_July11.JPG

Good old Boom Boom Ben - he must have seen the continuation dojis on FTSE, Dow and S&P before deciding what to say - it fitted the tea leaves perfectly!

Up to 542/557 level before a test of the 340/8 breakout and doji top now?

GC - as discussed on chat - here you go high level waves.....NO OVERLAP.

the Power of 3

current count Minor 3 of intV of Major 3 of PIII





dl.dropboxusercontent.com/u/40497882/dow_weekly_waves.JPG

rgds WS

Ok, please bear with me on this on, and be gentle.

For the last 2 nights I have been busting my balls with possible EWT counts for the DOW.

I had one last night that looked valid to me, however, in hindsight, I wasn't thinking about moves within moves, or primary/Cycle moves more to the point.

I was directed to go look again and come up with alternative counts. I frustrated myself because I couldn't look past my own bias - but I came in fresh tonight and had a look again. This is what I came up with.

If I am right, I believe we are currently in a sub wave 5 of a primary wave 3 - to be even more specific, I think we are in a minor wave 3 of a subwave 5 of a primary wave 3 if I understand it the way i think I do at the moment. You can see the minor wave on the Daily chart.

Now I know I could be wrong with the titles of primary/subwave/minor wave - but try to bear with me and understand the point im making is relevant. But if you can tell me the real titles, that would be great.

The only rules I use when looking at EWT are the 3 hard rules, being:

1.Wave 2 must not retrace more than 100% of wave 1

2.Wave 3 must not be the shortest wave

3.Wave 4 must not enter the zone of wave 1





Anyway, thought I would share here and see if I am on the right track. Looking at it, I feel confident it all fits - but as always, would love some feedback.

If it is indeed a correct count, I am honestly starting to see the power of EWT. Especially in moves that may seem frustrating to an inexperienced trader - having a look at the bigger picture, before scaling down can really really help to understand price action.