Price has moved up strongly from where I first put up the idea. I am looking for more upside
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41.70 are is being attacked now. I expect some to and fro hesitation before ultimately taking it out
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Doha interfered with this idea. However the gap down is almost filled so its back on
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Doha? what Doha? The effect of no agreement was very temporary. Price reversed, closed the gap and is now in a new territory. Looking for more upside
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IvanLabrie
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If this were a 5 wave impulsive advance, timing for the correction must equal at least, the time duration of the impulse before seeing a new impulsive move (per Neowave rules at least).
Traditional EW or others don't consider this, but it does make sense.
Just an observation.
Olu
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Thanks IL for your point. If there is equality with the initial upmove we could be looking at around 49. I use traditional EW and the concept of time is a little bit iffy. Are you saying that there is a solid time component in Neowave? That the time it took to do the '5' waves should be the same as the time to put in the 3 wave retracement?
IvanLabrie
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Yes, it's a bit different. It'd demand +-25% precision at least, and equal time, or max 3x the time of a same degree structure.
It depends on the type of impulse and correction naturally. There are time relationships between waves of every pattern in it.
Fairly interesting material, if you want to check it out.
I use time in the way I trade, which is a method I learned from Tim West, a poster here.
I agree we migh have upside btw, since the price action shows we found support at a key level where it had to break down to drop more.
But, we also are below significant resistance so my bet would be sideways for now.
Traditional EW or others don't consider this, but it does make sense.
Just an observation.