Russel (TF) Update 3 May

It is highly probable that yesterdays low  is an alternative wave, pivot H4.

I have added validity price lines for MAP Waves rules (see Me and My analysis) for ease of reference in addition the limits of where I expect to find the next pivot. A break of the lower dashed green line will confirm that a full wave can be expected on the H012MLL.

As the waves develop and validation is received counts will be updated and I have added the current alternative wave counts, which I will explain in Part 4 or 5 in the series of my methodology in understanding wave formations.

PS. Do I believe the news driven reaction is priced in?? Below you can see the detail from my previous post and you can see what happened and make up your own mind!

This highlights the importance of understanding your trading tools in order to control your emotions! As it appears H3 was not complete, but the better than expected ISM news completed wave H3, and the subsequent settling down reverted to its previous course to make Alt H4. We will see!

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One Response to Russel (TF) Update 3 May

  1. mapportunity says:

    I was hoping to discuss the breaks of the lines in Part 4 when I discuss wave theory and trading strategies, but it looks like we may have a break coming up! I said to watch the MLL as the next level for an expected pivot, but if the pivot validation is broken rather than confirmed then there is an 80% probability that the high is one pivot scale bigger! We will just have to wait and see.

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