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Hi Richard,
The second slide of 30th May(marked as slide 3 of the daily update e-slides) probably has some error/needs clarification. Could you please ask Al about it?
There are 2 points of doubt.
1. The opening selloff is said to be a minor parabolic W since it is a 8 bar MC. There are no MCs on the open. Bar 5 crossed bar 4 high, bar 7 crossed bar 6 high.
2. The late rally that bulls got is marked something like '2nd leg up was buy climax so expect 2 legs down'. I don't see a 2nd leg up. He is expecting TR soon but in the previous slide(i.e., the first slide of 30 May also says it is a minor LH DT), the meaning conveyed to me is, we should expect another leg up. Although, this can mean that bulls will buy again after 2 legs down, a little more clarification would be helpful.
Thanks.
2. The late rally that bulls got is marked something like '2nd leg up was buy climax so expect 2 legs down'. I don't see a 2nd leg up. He is expecting TR soon but in the previous slide(i.e., the first slide of 30 May also says it is a minor LH DT), the meaning conveyed to me is, we should expect another leg up. Although, this can mean that bulls will buy again after 2 legs down, a little more clarification would be helpful.
Please ignore this. It is clear to me now. I still need to understand the first point though.
