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

PAYPAL

Friday, 20 December 2013

20 Dec 2013

We had our higher high.  The question now becomes "is this it?" or will it only be the 1st wave of that 5th wave.  ES seems to be making another wedging pattern, and we know what happened to the last wedge that formed.  That said, trends are still in favour of the upside so we should not jump into any conclusions.

MT: DOWN
ST: UP

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5 comments:

  1. Sonny20 December 2013 at 22:02

    Now globex ES also broke the resistance level. MP, when you said "is this it?" Do you mean we could be encountering a tripple tops situation

    ReplyDelete
    Replies
    1. MP21 December 2013 at 22:18

      My comment are based on my indicators and EW count. EW count alone are not an exact science therefore the ? at the end of the comment hehe. But I do feel we are close. Look between now and mid Jan for price reaction ( my guess is to the downside). Bulls should be cautious.

      Delete
    2. Sonny22 December 2013 at 07:38

      Thanks. MP. Your view does give me a lot of insights.

      Delete
  2. Unknown20 December 2013 at 23:09

    i think the higher hi which you pointed at wave 5 should be higher than where its labeled, this bull got legs, which prob would lead to next year mid jan

    ReplyDelete
    Replies
    1. MP21 December 2013 at 22:19

      Yes, many are looking for 1860 - 1880. The way we are travelling I don't see any reason why prices couldn't hit these levels by mid Jan.

      Delete

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