Wednesday, November 10, 2010

Little room to play

The wave 2 was short and sharp like the count was suggesting. Wave 1 could have been extended since a nice price target would be 1.3535. That leaves little room for a wave 3, 4 and 5 to form. Other possibilities are that price will go much lower than 1.3535 in a big wave 3 or another possibility is that the top was not wave B but rather wave 5 of a previous wave pattern and wave 1 was wave A followed by a short and sharp wave B. Like always time will tell, but i'm sticking to my count untill proven otherwise while keeping an eye at the other possibilities.

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