The chart below is just a possible route the price might take over the next few days if our wave count is right. Either way an overbought situation (daily) needs to be relieved before any resumption higher.
Friday 7 December 2012
7 Dec 2012
We got our move up today and very swift. Unfortunately we did not get our reversal daily candle. But not to worry as we have a corrective pattern from todays 11am low from SPX. We also retraced above a FIB ratio of 61.8% at 76.4% which is pretty deep and we can consider it a wave B or wave 2. A diagonal 5th wave for a C wave cannot be ruled out. But I am expecting a pull back next week as we have been overbought for quite some time now.
The chart below is just a possible route the price might take over the next few days if our wave count is right. Either way an overbought situation (daily) needs to be relieved before any resumption higher.
The chart below is just a possible route the price might take over the next few days if our wave count is right. Either way an overbought situation (daily) needs to be relieved before any resumption higher.
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