Wednesday, December 29, 2010

Slowly Higher

Price went lower since yesterdays post but did so in 3 waves ( with a triangle in the middle ) in what i am now counting as a wave z. Since this low price rallied, but this is another one of those moments where it's really hard to count the wave. It looks very much like a perfect 5 waves on the 15min chart, but when you go to lower timeframes the 5 waves become very hard to count. Whatever the count, i see this recent high as a wave 1 or A with higher prices to follow after a small correction.

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