Rec Line

One of those I told you so entries.

I have bits and pieces of wisdom stored away on the various indicators I have come up with. The Pendulum for instance has these “next step” features built in (i.e. -130->+80).

Or that based on the 3-day ATR and the location of the consolidation weight, the level to challenge and fail at was 1.0964 (not after the fact). The upper chart shows goosing – that’s a buy area just below the consolidation weight.

The middle count had to be corrected: it is the day close spread expansion by the broker that pushed the close below the 8EMO. In reality this move never happened.

So what is the market doing right now? After 5 waves down, a B wave down is printing before a C leg up. From recent stats, the B wave would normally end on a 3 or a 4 count and the following C leg up should end on the 5th close up above the 8 EMO (Magenta).

Could this arrive in the form of a higher high? Absolutely. The whole week could have a say on attacking the chase level, which is at 1.12010, but there is another level to faul at before that, check point #2 = 1.1185 (scooter is at 1.1191)

Price settled outside the 14-sample Weekly Window Envelope.

After returning inside the expanding wedge there would be an easy case to be made to not stop until the other red barrier was hit.

Aftert finding resistance at the upper guard rail, price is currently at the support of Mr. Maroon.

Projected distance of the previous move up.