Tuesday, March 17, 2009 8:48:20 PM
In the world of the Qs:
The waves look slightly different since wave (4) was completed only on 02/09/09, after an extended “flat” and an ascending wedge that went through the a -> e motion. On bullish chart 1 and bearish chart 2, notations follow the general pattern used for SPX. Also, note that the bull will have to say that we had a “truncated fifth” - allowed by Elliott theorists.
There is a strong resistance at 29.65, given by two criteria:
1. The projection of the centre line of the extended zigzag, which is also the “fractal filter” of that move.
2. The bottom of wave 1(purple).
If that resistance will be penetrated, the bull will be proven right. Right now this area is very close and could be an equivalent of the magnet discussed for SPX.
On the down side all significant waves could take us to the 24.6 aria. Beginning of April would be a good time for it, when we have a trough of the 18 weeks cycle.
The waves look slightly different since wave (4) was completed only on 02/09/09, after an extended “flat” and an ascending wedge that went through the a -> e motion. On bullish chart 1 and bearish chart 2, notations follow the general pattern used for SPX. Also, note that the bull will have to say that we had a “truncated fifth” - allowed by Elliott theorists.
There is a strong resistance at 29.65, given by two criteria:
1. The projection of the centre line of the extended zigzag, which is also the “fractal filter” of that move.
2. The bottom of wave 1(purple).
If that resistance will be penetrated, the bull will be proven right. Right now this area is very close and could be an equivalent of the magnet discussed for SPX.
On the down side all significant waves could take us to the 24.6 aria. Beginning of April would be a good time for it, when we have a trough of the 18 weeks cycle.
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