Replies to post #121060 on Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

Well, wave 3's channel, and that's what you illustrated on that chart quite well. The BTK could be in the C of 4 down off the 514 high. 50% of the A down would be 458, which is the area of the 20-EMA on your chart:

http://stockcharts.com/def/servlet/SC.web?c=$BTK,uu[h,a]ddclyyay[dc][pc9!c13!c20!f][vc60][iut!Ub14!L...

If that's the case, the BTK might make a double top at 512 on the next leg up, or a fib above that. 458 is also an important level for the BTK, so that's another reason for it to be support on this leg down.