OK, under the application of some EWT guidelines, I satisfied myself that it is time to change my wave count in regards to wave
(5), which in hindsight has already come and gone. I original thought about wave
(5) would have made it eventually the longest wave in the set of 5. However as has been clear for some time wave
(3) was not only the longest and strongest wave it also was an extended wave. So to push wave
(5) even further is an "EWT No No.
I mentioned yesterday that I was somewhat scared of wave
(5) and even more so of the correction down that has to follow. So unconsciously I was probably was looking for an excuse not to have this happen. I guess in that regard I probably was guilty of "head in the sand bias"! I remember having the (5) marking floating around the ATH, but I'm not sure if I ever presented it as a possibility becoming a probability, however I never made it a fact, which at least for it is now! Obviously the recent drawdown was that dreaded correction that I feared and didn't want to see. Big lesson learned!
Credit where credit is due: I remember my learned friend
@johnybg suggesting that wave
(5) was in place earlier, however instead of accepting and taking his advice, I stuck my head in the sand even further by taking my possible alternative view (wave
I of
V for
(5). Not a good move, I should have gone into it further back then.
I probably could fill a number of pages in what I went through to correct view and myself, quoting all sorts of rules and guidelines, while losing you guys in the process even further, but I will close with a quote from Jesse Livermore, "My main life lesson from investing: self-interest is the most powerful force on earth, and can get people to embrace and defend almost anything." and if I may add
it comes with all sorts off variations!
Anyway this was a big step forward for me personally however I feel better for it, because this now brings me back closer to reality and seeing the the rain has gone, I can see clearly now as well as starting afresh.
Here for the time being is my corrected weekly chart still owing you guys the outlook into the future. It may look to you guys as if nothing much has changed, however for those of you who are really into the change is quite dramatic, because if the recent low was it for this correction, in technical terms there is lots to look forward to ...
(20min delay)