Thats a good idea investor2014
Its worth doing the extra effort.
Thanks Dawgfan, and bb86 for your support.
Right now,as the Wave 4/zig zag pattern is playing out,it seems to me about neutral ,at 50/50 odds of going into an upwave or downwave, mainly because the 18.50 support area is key to watch. and see it if breaks down lower. Its become a key marker for support. 18.45-18.55 area. Technically, the whole bottom zone down to 17.50 is in play as part of the Wave 4 zig zag, but the bullish picture could develop IF the 18.50 support step would hold. So I have to watch what price action does around that 18.50 area ,just below. it may offer some clues in the next days. There are a few layers to see in the chart picture. The short time frame and longer time frames. hourly,daily,weekly, etc...on the daily and weekly picture, we can watch the 17.50 Low get retested and it can just be a neutral part of the larger picture, the Wave 4 pattern ongoing. That pattern can jump back up in the zig zag from 17.50 back to 19.50 and the wave 4 zig zag is still ongoing. So trying to give a bullish bearish measurement of odds to something is a bit complex depending on the time frames. On the daily and weekly, the Wave 4 is the entire zone from 17.40 to 21, but on the hourly and short time frames, the 18.50 support becomes important to watch. and the 19 step is important to watch as is the 19.50 resistance.
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How that translates into understanding what I'm watching for price action, starting with the short time frame, the next moves are right now, to watch 18.50 to hold or not. to watch any bounce from there, to watch immediate resistance from 19.00-19.50 and see what that looks like, and to see if resistance shows stronger selling to try and head downward. its watching the battle field from 18.50 to 19.50 in the intraday picture, but also to step back and see how it all fits into the larger picture, the Wave 4,zig zag,that bias wants to anticipate capping at resistance 19.00-19.50 and starting the Wave 5 down to retest 17.50 and maybe lower targets. I could say the "odds" are currently more bearish,only because this Wave 4 pattern suggests a Wave 5 down to come. In that sense I might say the pattern currently looks 55/45 favoring a downward move to continue. But that bias could change tomorrow IF we see 18.50 hold strong and a good rally bounce breaks through 19.50 to target 21.
Its the ups and downs of a rollercoaster ride. but we can pinpoint the key spots on the chart to watch out for.
I'm watching to see if support holds strong around 18.50. and watching to see how strong resistance is at 19.00-19.25-19.50. This current unresolved zig zag needs to be watched some more before the bias can be seen. Lets call it neutral for now.The trigger point hasnt been hit yet. but this downward move today from the 19.50 might have been (subwave C) that started the wave 5 down. we wont know until the downward move breaks below 18.50 and targets 18 and into the 17's.
I know the more I describe, the more complex it gets. sorry for that. Just watch how the price action fights a battle between 19.50-19.00 and 18.50 for now. . and the immediate clue is to watch this latest selling down, and see if tomorrow continues down and breaks below the 18.50 support area. That might be the next clue.
