Tom:
Thanks for your detailed analysis, I just logged on a few minutes ago...I had been following Elliott Wave Theory (Bob Prechter) since the late 80's and stayed with them even through Bob's prostate cancer and his son joining him. Altman did a lot of work there, but I found their count revisions, etc. were not totally helpful, so finally I followed Tony Caldaro, sadly now deceased, who had his "Objective Elliott Wave" and was more accurate on his analysis. His work with the RSI helped me a lot and is why I rely on it so much. Damn, I wish he was still here!
In simple terms, I saw the 1st low around $3.25 had only 3 waves up ABC (not 5) and then pulled back in 3 waves (ABC)...this time, as I see it we have 3 clear waves up completed (ABC) and looks to me like a more convincing pattern since the 3rd wave this time as clear cut and does conform to the ideal pattern description of the excitement associated with Wave 3's.
Yeah, it looks like a 4th wave is underway based on the look....let's see how we progress from here.
As long as we hold above the 50 day sma ($5.48 plus or minus) I think we should see the ideal 5 wave completion, otherwise I'm wrong....what else is new? Ha ha
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