A head and shoulder pattern from last Fridays analysis is still valid. Therefore, we must watch for this possibility.
MT: DOWN
ST: DOWN
Wednesday, 11 December 2013
11 Dec 2013
Our short-term trend has turned down and a 5 wave pattern looked to have formed. This either a C wave or a 1st wave of a secondary degree. If this is a C wave, then it is most likely a C wave of a 4th and we should see the higher high that I am expecting. We should see in the next day or two what the patterns come out as before we can make a call. But if this is not satisfactory then the indicators are as good as they get.
A head and shoulder pattern from last Fridays analysis is still valid. Therefore, we must watch for this possibility.
MT: DOWN
ST: DOWN
A head and shoulder pattern from last Fridays analysis is still valid. Therefore, we must watch for this possibility.
MT: DOWN
ST: DOWN
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The H&S line seems to be broken. Would it mean that the wave C could be possibly an extended C leg. Thanks
ReplyDeleteIt is possible its an extended. There are a few possibilities to a C wave.
ReplyDeleteAn ABC for C or it is just a throw over meaning it went a bit too far. This is normal for a fast moving price. A bearish note would be a sustained move lower that could cause this to be a Wave 3 in which case would be very bearish.
A 161.8% extension of the leg that started in late Nov to Early Dec 5th would have a C wave extension hitting around 1755.74. This is acceptable. and based on that the head and shoulder target is within that rage as well.
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