Monday, December 27, 2010

No impulsive wave yet

The rally has broken through the trendlines but has done so in what seems like a 3 wave move. On the bigger timeframe this wave A and B visible on this chart are part of B of (B). It is possible that this price action will form a triangle B of (B). Another possibility is that instead of a wave C rally this will be a wave Y rally, which would also explain the 3 wave action.

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