Friday, December 10, 2010

Just a little lower

Price rallied in 3 waves, so the count for one more low comes into play. After this low price should rally to a new high ( above 1.3441 ).

Geplaatst door op
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5 comments:

  1. AnonymousDecember 10, 2010 at 9:55 PM

    Dear Jeremy,

    Thanks for helping me seeing a clearer picture.
    Your input is really valuable.
    It now seems that it wants to make a triangle as wave b following then a leg down as c just as indicated by you.

    You can now consider me one of those who will regularly follow your blog as I want to check my perspectives and discover other possible views.

    I wish you a great weekend.

    Catalin

    ReplyDelete
  2. Jeremy DemunterDecember 11, 2010 at 3:09 AM

    Hi Catalin,

    Thank you for your kind words. And yes you could be right about the triangle, we'll probably need a breakout to the downside on sunday to be sure. We'll see.

    Best of luck and a great weekend to you aswell.

    Jeremy

    ReplyDelete
  3. AnonymousDecember 13, 2010 at 1:37 PM

    Well, I am a bit confused by this rally. A lower low vs 1.3163 was common sense. The only acceptable pattern to contain this rally remains a triangle as an wave B within the second zig-zag ... but can we consider the move 1.3163 - 1.3282 - 1.3177 - 1.3287 as an wave B within the triangle? They are all in 3's. I am not sure if 1.3321 to 1.3163 is a 3's. An up move higher than 1.3278 does not make sense for an Elliott viable pattern
    What is your perspective, Jeremy?

    Catalin

    ReplyDelete
  4. AnonymousDecember 13, 2010 at 1:58 PM

    Sorry! I should say that the alternative of a second zig-zag where its B wave is just a zig-zag (not necessarily a triangle) remains valid given the price stays below 1.3324. So we shall still count on two alternative scenarios.

    Catalin

    ReplyDelete
  5. Jeremy DemunterDecember 14, 2010 at 1:48 PM

    Hey Catalin,

    I have updated my count, unfortunately we didn't get a lower low, so i was forced to change the count. It is still possible that the triangle is a wave Y of B, which would be a valid alternative for this strange price action. I prefer the count i've posted today.
    If it would be possible, next time, can you post a link to a chart to show how you're counting it, that way i can see what you mean a lot quicker and more clearly.

    Friendly greetings,
    Jeremy

    ReplyDelete

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