“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” Lao Tzu, Chinese philosopher, 6th century BC


Tuesday, 22 October 2013

22 Oct 2013

I was hoping for a more pronounced reversal candle today, but didn't happen.  But more importantly though is that the pattern that formed today is a corrective move which is not finished.  The EW here is not as important but we should look at the move as and ABC or 1,2 and 3 to come.  That said, our trends are still short-term overbought.

Main-Trend: UP
Short-Term: DOWN

Yesterdays analysis that we would see higher highs due to the a,b,c,d,e pattern has proven to be the right call.  So we will see tomorrow morning if our corrective call will be on par again...

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