Wednesday, October 05, 2016 8:46:53 PM
another Pretium chart....
It would seem simple enough ,when looking at a chart pattern, basic TA , you get a rally from the bottom to the top as "Wave 1" , then you get a pullback retrace as "Wave 2"
We are getting the pullback now, since the August top at 12.41, but identifying the wave pattern doesn't become really certain until the pattern makes a decisive move in the retrace direction,or in a rally move.the decisive move came this week with the plunge down. Up to this week, the miners all had a variation of this topping pattern, a sideways sliding at the top zone as a "Wave 4" is what a wave 4 looks like. it held that sideways shape until this week's plunge. Now,because of that plunge down to the full wave 2 pullback target zone,it doesn't look like a sideways wave 4 any more, it looks morphed into a full wave 2 retrace that is now testing the Fibonacci retrace target zone. So it makes sense now, to call the peaks you see in the miners in August or whenever they occurred, those peaks might be the completed rally wave, and now we are seeing the full wave 2 (or wave B) pullback. Precious metals charts are doing the same thing.
IF that sideways sliding as "wave 4" had held that pattern,which it had been doing up until this week, it could have generated into a "wave 5" rally to higher highs to complete the rally wave. But this week was a pattern changing plunge....and the big plunge shown on most all charts now, appears propelled to find the pullback target zone, the daily 200ma is a key target in the pullback on most all charts. the 50ma on the weekly chart..
It would seem simple enough to follow along with an Elliott wave basic pattern, wave 1 rally up, wave 2 pullback to fib targets, but whats not so simple now is to try and determine how far down the pullback will go to hit targets within a Big target zone,that has to be watched, a big playing field, for PVG is from 9.50 to 6.50 on the chart. and any place in between can act as support and resistance. So far, we have a target pivot at 8.31 today. Its right in the heart of the pullback zone. but other targets are in play ,resistance from 9 dollars and higher now, and lower targets fall to 8 dollars,7.50 area,7.25 and 7 dollar area,the shoulder on the left side at 7 dollars as well as the key moving average around 7 dollars. IF the Cartel has the power to weild, we could see 6.50 easy if they have the ability.
Up to last week everything looked peachy as the sideways wave 4 was holding up ok. This week shattered that picture, as the Cartel dropped a bomb again. these HFT supercomputers with their program algos are really controlling everything aren't they?
It would seem simple enough ,when looking at a chart pattern, basic TA , you get a rally from the bottom to the top as "Wave 1" , then you get a pullback retrace as "Wave 2"
We are getting the pullback now, since the August top at 12.41, but identifying the wave pattern doesn't become really certain until the pattern makes a decisive move in the retrace direction,or in a rally move.the decisive move came this week with the plunge down. Up to this week, the miners all had a variation of this topping pattern, a sideways sliding at the top zone as a "Wave 4" is what a wave 4 looks like. it held that sideways shape until this week's plunge. Now,because of that plunge down to the full wave 2 pullback target zone,it doesn't look like a sideways wave 4 any more, it looks morphed into a full wave 2 retrace that is now testing the Fibonacci retrace target zone. So it makes sense now, to call the peaks you see in the miners in August or whenever they occurred, those peaks might be the completed rally wave, and now we are seeing the full wave 2 (or wave B) pullback. Precious metals charts are doing the same thing.
IF that sideways sliding as "wave 4" had held that pattern,which it had been doing up until this week, it could have generated into a "wave 5" rally to higher highs to complete the rally wave. But this week was a pattern changing plunge....and the big plunge shown on most all charts now, appears propelled to find the pullback target zone, the daily 200ma is a key target in the pullback on most all charts. the 50ma on the weekly chart..
It would seem simple enough to follow along with an Elliott wave basic pattern, wave 1 rally up, wave 2 pullback to fib targets, but whats not so simple now is to try and determine how far down the pullback will go to hit targets within a Big target zone,that has to be watched, a big playing field, for PVG is from 9.50 to 6.50 on the chart. and any place in between can act as support and resistance. So far, we have a target pivot at 8.31 today. Its right in the heart of the pullback zone. but other targets are in play ,resistance from 9 dollars and higher now, and lower targets fall to 8 dollars,7.50 area,7.25 and 7 dollar area,the shoulder on the left side at 7 dollars as well as the key moving average around 7 dollars. IF the Cartel has the power to weild, we could see 6.50 easy if they have the ability.
Up to last week everything looked peachy as the sideways wave 4 was holding up ok. This week shattered that picture, as the Cartel dropped a bomb again. these HFT supercomputers with their program algos are really controlling everything aren't they?
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
