Short Term Trading Member Forum

[techcharter]

FRE wave count:

My count for FRE wave 5 ending diagonal.
Wave 1 began June to Aug '03 timeframe.
Wave 2 began Feb '04.
Wave 3 began May '04.
Wave 4 began Sept '04
Wave 5 began Oct '04.
End of wave 5 of 5 Jan '05

The price pattern was very choppy for such a strong multi month rally, supportive of an ending diagonal.


FRE Daily Chart.

http://stockcharts.com/def/servlet/SC.web?c=FRE,uu[w,a]dacayyay[dc][pb50!d20,2][vc60][iLp14,3,3!La12...

Bollinger bands are opening a second time. The price is hugging the lower band. Price just bounced off the 20 day moving average. The 50 day average has rolled over. MACD is showing a roll over is deep negative territory. The last week shows price gaps and rapid price drop associated with wave 3 behavior. The stochastics made an attempt to rally to overbought levels, but reversed. The upper trendline of the downtrend from the Jan '05 high has been broken as wave 2 will do.

FRE Weekly Chart.

http://stockcharts.com/def/servlet/SC.web?c=FRE,uu[w,a]wacayyay[df][pb50!d20,2][vc60][iLp14,3,3!La12...

Stochastics are in oversold sold territory. BBands opening wide indicating more price drop. Price went from upper to lower band. MACD has rolled over giving a sell.


I am still open to the possibility of a wave c of 2 carying back to the $67 area.