123Tom's TA study group

[123tom]

and a second look at the china internet ETF


Big Picture offers better vision.
Starting from the very beginning at the 25 bottom, the pattern makes a rally to a finish target at 68. this whole rally pattern follows pretty closely along the Fibonacci target and Elliott tracks. The standard Fib retrace ,as a Wave 2, has a pullback zone 47-41 area. and the 200ma is in that zone as a target magnet .

This picture looks more bullish in the big picture, and the next series of Fib math has a "wave 5" target zone around 135.

The biggest picture chart long term time frame, can have a big pullback that looks bad at first but in the big picture like this, looks ok.

The first chart I did in the previous post only measured from the 34 base, which was the wave 5 portion of the whole rally pattern. I had to step back farther and see the whole pattern.

IF there isn't any bearish market happening, this 45 zone is a fair Fib pullback

Still, the resistance now in the 50's will need overcoming. A bounce to test 56 would then have a support step around 50 that would become important to hold, for a continued rally wave to develop into 2019 and beyond.

Would price hit the 200ma as a bottom to bounce