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Count Back - E/W - ILU

The first chart is showing a possible EW count for ILU --- I'm still a rookie with EW but the principle wave pattern appears to there .

ILU in a A,B,C correction from a Wave 1 high ?

If A is completed then C could be completed --- If C is completed then ILU could be starting a Wave 3 high formation .

C/B could be of help in determining whether C has completed.

In the second chart , the 1st setup C has hit the same support level as A and begins what appears to be its Wave 3 impulse move up But fails to close above the count back line -- there would not be a entry .

The 2nd setup has two possible C/B levels the usual one would be the high within the green circle because the two highs in the red circle are not signifintly different -- but the present level is significant in that it is the support for A and has recently been support for a possible C termination and is now forming resistance and could also be forming the top of a ascending triangle .

Note that the trend line under the possible triangle is plotted under Guppy rules ie: where price reacts , price has hit this line and closed up .

Since FXJ was a flop , if ILU closes above the CB , I'll follow it through

Cheers

<blockquote data-quote="coyotte" data-source="post: 105248" data-attributes="member: 3649">Count Back - E/W - ILUThe first chart is showing a possible EW count for ILU --- I&#039;m still a rookie with EW but the principle wave pattern appears to there .ILU in a A,B,C correction from a Wave 1 high ?If A is completed then C could be completed --- If C is completed then ILU could be starting a Wave 3 high formation .C/B could be of help in determining whether C has completed.In the second chart , the 1st setup C has hit the same support level as A and begins what appears to be its Wave 3 impulse move up But fails to close above the count back line -- there would not be a entry .The 2nd setup has two possible C/B levels the usual one would be the high within the green circle because the two highs in the red circle are not signifintly different -- but the present level is significant in that it is the support for A and has recently been support for a possible C termination and is now forming resistance and could also be forming the top of a ascending triangle .Note that the trend line under the possible triangle is plotted under Guppy rules ie: where price reacts , price has hit this line and closed up .Since FXJ was a flop , if ILU closes above the CB , I&#039;ll follow it through Cheers</blockquote>

[QUOTE="coyotte, post: 105248, member: 3649"] Count Back - E/W - ILU The first chart is showing a possible EW count for ILU --- I'm still a rookie with EW but the principle wave pattern appears to there . ILU in a A,B,C correction from a Wave 1 high ? If A is completed then C could be completed --- If C is completed then ILU could be starting a Wave 3 high formation . C/B could be of help in determining whether C has completed. In the second chart , the 1st setup C has hit the same support level as A and begins what appears to be its Wave 3 impulse move up But fails to close above the count back line -- there would not be a entry . The 2nd setup has two possible C/B levels the usual one would be the high within the green circle because the two highs in the red circle are not signifintly different -- but the present level is significant in that it is the support for A and has recently been support for a possible C termination and is now forming resistance and could also be forming the top of a ascending triangle . Note that the trend line under the possible triangle is plotted under Guppy rules ie: where price reacts , price has hit this line and closed up . Since FXJ was a flop , if ILU closes above the CB , I'll follow it through Cheers [/QUOTE]

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