Thursday, December 16, 2010
Time for a pause?
We didn't get the larger pullback for wave b, but instead price plunged lower. It now looks like that decline is near an end, there might be 1 more low in it. The rally i'm looking for is again corrective and shouldn't go too high. There are a few other possibilities on the larger timeframes, but i'll post that later today or tomorrow.
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Yes this A is about done...bottoming at the 2.382 area of the first wave of this sequence and previous good support. Like you illustrated equality is not much under present levels. Divergence on RSI on this last move down supports your view. Would be nice to see a serious reversal candle although there is an inverted hammer on the H1. Lets see what the market gives us over the next several hours ;) Thanks -Al
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