In this count price needs to come above the red line.
In this count price needs to stay below the red line.
Thursday, December 30, 2010
Higher price, but what's next?
Price went higher as expected ( but failed to make one more low before going higher ), even broke 1.3254, which i have as a wave A high. This puts us in wave C, which could be near an end. This does not mean price can't rally anymore from here, because if we look at the 4 hour chart we can see that we are either in a C of a triangle wave B or in a wave Y of a WXY wave B.
In this count price needs to come above the red line.
In this count price needs to stay below the red line.
In this count price needs to come above the red line.
In this count price needs to stay below the red line.
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Important to note is the RSI daily trendline since late September has broken to the upside and should lend support to any Elliott counts for higher levels, IMHO thanks for your thoughts Jeremy, -Al
ReplyDeleteHi Al,
ReplyDeleteYou are correct, thanks for the info i didn't notice it. We'll see how high price decides to go. I'm focusing on the red line to decide the EW count.
Friendly greetings,
Jeremy