Now that we have clearly broken upward out of the down trend I am going to build on the proposition that this is a triangle breakout. It is fair to assume that this is the beginning or midterm of a significant correction of the entire downtrend.
If this is a triangle breakup, at first glance it is going to produce wave C of an ABC towards 2000-3000 yuan. There is another possibility which is a more obscure count, however it could potentially instate the bottoming of the down trend. A WXYXZ combination. Its something Ive only really considered very recently because I really didnt think of it until I began considering the local count was a triangle. It strikes me because a triangle in the form of Z is really the only way this thing could bottom above the penultimate lows.
I think it is neat because we have almost perfect alternation within the triple. W is a flat, Y is a zz, and Z is a triangle (perhaps a bit small in form).
Ill just leave it here for the other EW'ers to talk about. Would be great to have some discussion on this.
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Iv'e said many times that triangles are terminal moves, well in this case it would be terminal in a slightly different sense of the word
So I take it you (and others) don't consider this triangle likely? Or is it a valid possibility? (unsure on the D-wave count, especially from ¥1370 :s)If this is a triangle breakup, at first glance it is going to produce wave C of an ABC towards 2000-3000 yuan. There is another possibility which is a more obscure count, however it could potentially instate the bottoming of the down trend. A WXYXZ combination. Its something Ive only really considered very recently because I really didnt think of it until I began considering the local count was a triangle. It strikes me because a triangle in the form of Z is really the only way this thing could bottom above the penultimate lows.
I think it is neat because we have almost perfect alternation within the triple. W is a flat, Y is a zz, and Z is a triangle (perhaps a bit small in form).
Ill just leave it here for the other EW'ers to talk about. Would be great to have some discussion on this.
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Iv'e said many times that triangles are terminal moves, well in this case it would be terminal in a slightly different sense of the word
