Replies to post #1929 on Chelsea Oil and Gas Ltd. (fka COGLF)

[Belek]

yeah, im holding until my guys PPI says sell...

To estimate how high the final wave (5) up could travel, we can estimate it could be about equal to the height that the first wave (1) up was, which was about 48 points. This is not a hard and fast rule; it could be less, a smaller wave up, or higher. Those estimated upside price targets are 2,106 for the S&P 500 and 17,897 for the Industrials, both levels below their 2015 highs. If coming Bearish forces are strong, the top could be below these levels.

The conclusion of wave (5) up and the rally from late August 2015 will likely be signaled when our Blue Chip Purchasing Power Indicator changes from a Buy to a Sell signal. When a top is truly in, then a Sell signal should follow within a few days of the top and catch most of the next leg down.