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Sunday, January 08, 2012 3:30:44 PM
Weekly Analysis By The wave trading
* Sunday, January 8, 2012
Long term time frame EW pattern
Nothing substantial has occurred from my last weekly analysis (12-12-2011) that should modify my preferred long term scenario that calls for a large and complex corrective pattern from the July's "potential" nominal high:
"...By no means we can consider that the "Hope rally" that began off the March 09 low is completed. The fact of the matter is that we don't have evidence that a bearish resolution is in the cards yet, instead price could be involved in tracing a large corrective pattern that has more work to do before a top can be considered in place. In this respect I am "working" with a potential wave (B) or (X) in progress that is expected to trace a Zig Zag off the October 4 low. If price achieves the equality extension target, within the Zig Zag, then price will most likely revisit the summer highs before rolling down. When this potential EW pattern is completed then we will be able to focus on the down side as price could have as a magnet the 1010 area."
http://www.thewavetrading.com/
George.
Click on "In reply to", for Authors past commentaries.
* Sunday, January 8, 2012
Long term time frame EW pattern
Nothing substantial has occurred from my last weekly analysis (12-12-2011) that should modify my preferred long term scenario that calls for a large and complex corrective pattern from the July's "potential" nominal high:
"...By no means we can consider that the "Hope rally" that began off the March 09 low is completed. The fact of the matter is that we don't have evidence that a bearish resolution is in the cards yet, instead price could be involved in tracing a large corrective pattern that has more work to do before a top can be considered in place. In this respect I am "working" with a potential wave (B) or (X) in progress that is expected to trace a Zig Zag off the October 4 low. If price achieves the equality extension target, within the Zig Zag, then price will most likely revisit the summer highs before rolling down. When this potential EW pattern is completed then we will be able to focus on the down side as price could have as a magnet the 1010 area."
http://www.thewavetrading.com/
George.
Click on "In reply to", for Authors past commentaries.
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