I was reading Planet Yelnick this morning, where he references Kenny’s explanation of where we are in the EW structure. Kenny (who is one of the better EW counters) thinks we might still be in the final throes of an Ending Diagonal of Primary 2 up.
As they point out it does explain this last weird 5 wave rally:
This explains the unusual five wave rise, which is hard to count as an impulse:
- it has overlapping waves 2 and 4, not allowed in an impulse, ok in an ED
- it has a long wave 1, unusual in an impulse but ok in an ED
- it breaks as a series of “3s”, verboten in an impulse, expected in an ED
- it tracks declining volume, de-confirming an impulse but ok in an ED
- it comes in the final wave, as it must, if this truly ends P2
Kenny gives a target of Sp1159, but watch for a truncation.
This would also explain why minor wave 1 down of a Primary 3 was so small – Because we haven’t started Primary 3 yet. It makes a lot of sense – I may need to do a recount (again!!!!).
