Hi, 5!

In trading you need to outlive, outlast, outperform.

To stay in business, you must mean business.

There are things to grab on to in order to get the wave count right.

One of these things is the 1st return to the E-16 after a 9-sample separation.

If Wave 4 gets a kick in the face here, you would see a violent Wave 5.

I mentioned earlier about the Shape that it followed a Wave 5.

There you go, in nice magenta.

And today, another one?!

Wave 4 was a liquidity break – hence the purple stripe. When would this Wave 5 end? I mentioned it enough times, there should be a divergence between the measuring leg and the divergent one. Currently the measuring leg is printing.

There was a common thread, trending. That is what I store in the E16NRed array (thick orange on the plots). Empty=no trend.

if (High[i+1]<E16[i+1] && High[i+2]<E16[i+2] && High[i+3]<E16[i+3] && High[i+4]<E16[i+4] && High[i+5]<E16[i+5] && High[i+6]<E16[i+6] && High[i+7]<E16[i+7] && High[i+8]<E16[i+8] && High[i+9]<E16[i+9] && E16NRed[i]!=EMPTY_VALUE && High[i]>E16[i]){
                 ObjectCreate("Five"+i,OBJ_TEXT, 0, Time[i], High[i]+80*Point);
                 ObjectSetText("Five"+i, "5", 53, "Impact", clrWhite);
                 ObjectCreate("Fivez"+i,OBJ_TEXT, 0, Time[i], High[i]+80*Point);
                 ObjectSetText("Fivez"+i, " 5", 53, "Impact", clrMagenta);
}


if (Low[i+1]>E16[i+1] && Low[i+2]>E16[i+2] && Low[i+3]>E16[i+3] && Low[i+4]>E16[i+4] && Low[i+5]>E16[i+5] && Low[i+6]>E16[i+6] && Low[i+7]>E16[i+7] && Low[i+8]>E16[i+8] && Low[i+9]>E16[i+9] && E16PBlue[i]!=EMPTY_VALUE && Low[i]<E16[i]){
                 ObjectCreate("Five"+i,OBJ_TEXT, 0, Time[i], High[i]-80*Point);
                 ObjectSetText("Five"+i, "5", 53, "Impact", clrWhite);
                 ObjectCreate("Fivez"+i,OBJ_TEXT, 0, Time[i], High[i]-80*Point);
                 ObjectSetText("Fivez"+i, " 5", 53, "Impact", clrGreenYellow);
}
Daily fuel limit values
Wave Structure

So, how can you get two wave 5-s in a row?

It is quite simple actually.

There is Wave 5, as in Wave 5 down and there is wave 5, or the 5th wave of Wave 5.