Thursday, March 24, 2011

End of B?

Price has rallied as expected and has formed 2 equal legs from the bottom. The point where the 2nd leg equals the first comes at the exact same 76.4% fib retracement level. This should be enough resistance for a wave B top. If price goes above the latest high the chances that this is a wave B go down a lot.

Geplaatst door op
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2 comments:

  1. AnonymousMarch 24, 2011 at 6:49 PM

    Hi Jeremy!

    I was following your leads on the last weeks and I can only say that it was a formative experience to me. I keep learning from your posts and remain amazed of your skills in analyzing and forecasting the market.
    Keep up the good work!

    Thanks and best regards,

    Catalin

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  2. Jeremy DemunterMarch 24, 2011 at 7:21 PM

    Hey Catalin,

    Been a while since i heared from you, glad to see you're still following. Didn't have the best week last week, but it's impossible to always be right. When using EW, there are always plenty of possibilities. The key is to find as many valid counts as possible and then find the one that looks to have the best chance of happening.

    Friendly greetings,
    Jeremy

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