Interesting observation re: Dow Daily

[makeithappen]

Hi Traders,
I have been trying to figure out what pattern the Dow
is forming with the current wave (Wave 4 in attached
Daily chart) going 'straight up'.

In looking at my Dow Daily AGet, I just noticed that
W2 was complicated. (Notice the ABC in pink + arrows
around wave 2.) *So*, that implies that W4 will be
simple--ie. straight up----right?. The only real
challenge to this wavecount would be if W4 goes above
8250 because such an advance would relable the 1-3
wavecount to ABC.

However, if W4 remains below 8250, then the W5 down
target is somewhere between 7296 (0.618 Fib) to 6727
(1.0 Fib).

Thoughts?

[a_edwall]

'Interesting observation re: Dow Daily'

Why can't the August 2002 be wave A of a triangle, with the Oct 2002 low being wave B, wave C topped on Dec 2, 2002, and wave D bottomed on March 12, 2003? Wave e would end at roughly 8230, then wave 5 down comes and lasts into the 80 and 40 week cycle lows in late April-May.

Too perfect?



---
Allen

[theplumber]

My take

I like to chart with simplicity in judging my waves and have this take. Of course anything is possible with the waves and I revert back to Gann for confirmation

[theplumber]

Mirror image

Sometimes the market has this mirror image of itself.This looks just like the rally in Oct, and now that expiration has ended the real games begin. Is this a new bull market? My target is still there but a pull back next week and a test of the Gann line up to my target then the economy takes center stage and we will know very soon if this bull is for real.