Wednesday, June 1, 2011

The hunt for the top

The triangle count got invalidated, so it's on to the next possibility for a top. This could be at the 50% fib level. If the channel breaks price could resume the downtrend. Notice that wave Y of (X) is 161.8% of W of (X). This is unusual for a complex double three, so it is possible that wave Y of (X) is an impulsive wave C of (X), but i find it hard to count. Whatever the way you want to count it, wave (X) or alternatively, the first part of (X), looks finished.



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