Monday, November 8, 2010

Sharp and Quick

I know the triangle count is valid, but like i said before, i'm sticking to my original count of the expanded wave B flat. Wave C in an expanded flat is usually very swift and brutal. This is true for the price action since the top, but price needs to come below the wave A low to confirm the expanded flat. 1.3535 would be a possible target ( 161.8% fib ext of A ). The first part, wave 1 of C, could be finished now, look for the channel to break to the upside, but remember that this count suggests a sharp downtrend, so wave 2 of C should be short in time.

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