Monday, February 13, 2012 1:50:57 AM
Well we shall see. One thing that makes me think that is the way it got here, slow and steady just loping along some moving average. I think an impulse wave has a sharp immediate top and slow movers are more likely to take a double top to reverse.
I think it likely that the red circle was minor wave 4, especially since we seem to have gotten into what one would think is wave 1 on any drawing of the most recent wave down. So I would think that the 2.236 ended a semi-major wave 1 and we now have a likely 5-3-5 sequence back to a double top that would be a wave 2.
One thing that confounds the heck out of me in the bottom chart is that the FE 100 and FE 78.6 extension (marked in blue) seems to relate precisely to the stopping points last week but since there is a high (in yellow circle) that extends past the first point of extension it would seem that the two should be unrelated but they appear to be related to me. For the area circled in yellow to be related to the current run would almost certainly point much higher. Depending on how the chart gets to the FE 61.8 in the bottom picture I may definitely be going long there about 1.0470 or so, depends on whether it's a gradual touch or a sharp drop.
One other thing to note is that the FE 100 is actually about 1.0859 or so which is higher than what I would expect a double top to be here.
I think it likely that the red circle was minor wave 4, especially since we seem to have gotten into what one would think is wave 1 on any drawing of the most recent wave down. So I would think that the 2.236 ended a semi-major wave 1 and we now have a likely 5-3-5 sequence back to a double top that would be a wave 2.
One thing that confounds the heck out of me in the bottom chart is that the FE 100 and FE 78.6 extension (marked in blue) seems to relate precisely to the stopping points last week but since there is a high (in yellow circle) that extends past the first point of extension it would seem that the two should be unrelated but they appear to be related to me. For the area circled in yellow to be related to the current run would almost certainly point much higher. Depending on how the chart gets to the FE 61.8 in the bottom picture I may definitely be going long there about 1.0470 or so, depends on whether it's a gradual touch or a sharp drop.
One other thing to note is that the FE 100 is actually about 1.0859 or so which is higher than what I would expect a double top to be here.
the government cannot give anything to anyone -- that they have not first taken away from someone else.
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.
