Thursday, January 24, 2013 10:10:29 AM
GM all......I know weekly charts aren't popular for trading from around here as they are too slow and too much happens in between on the 4 hour chart, but when looking at them I do find that they can carry heavy weight in price action.
So GU is still trending lower which has surprised many of us, but where is it going to find a couple hundred pips worth of support? In my chart below I've got a couple trendlines worth considering and we're some 175 pips from hitting the bottom trendline on this current large (wave 4?) triangle. Will that offer support for a good bounce before a possible wave 5 kicks in as I've drawn onto the chart? Or is my wave count off on the weekly chart? Thoughts and opinions are welcome.
So GU is still trending lower which has surprised many of us, but where is it going to find a couple hundred pips worth of support? In my chart below I've got a couple trendlines worth considering and we're some 175 pips from hitting the bottom trendline on this current large (wave 4?) triangle. Will that offer support for a good bounce before a possible wave 5 kicks in as I've drawn onto the chart? Or is my wave count off on the weekly chart? Thoughts and opinions are welcome.
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