There’s a delicate balance between readily leaving an idea that doesn’t work and hastily escaping one that hasn’t been exhausted. Have I said that before?
I finally decided to really see the results of the work I’ve been putting in. I drew in my beloved waves manually on a chart and separated them out. If I had an indicator to read my mind and put lines on a chart, here’s the result:
The first thing that’s glaring wrong (in my opinion, and I’ve known this fore quite some time now) is all the gapping that’s appearing in the chart. This is simply because my waves as they stand only care about expansion. The gap areas are all retracement. I could simply attach the last line from the extreme to the 20:00 ‘open’ but is this right? Does this leave something out? I think so. I think the problem it creates is that I now technically have waves that don’t exist. They’re not defined by A/B/C/D/etc, because each successive letter denotes a new high/low. So I need to either redo the waves, or incorporate a second layer, a retracement layer. I feel the first is cleaner I feel.
However as wrong as this model may feel, it does do something correct: It’s always captures the high/low of the day, and those are the most important points at the moment.