Friday, June 24, 2011

Slower decline or more sideways

The chances that the decline is an impulsive wave are much smaller now with the big rally, 1-2-i-ii is still possible. So i'm counting the 1.4441 - 1.4125 decline as a zigzag (5-3-5). My main count is that this zigzag is the first part of Y of (Y), price should break the trendline support and stay below it soon. The alternative count is that this zigzag is a wave B inside a triangle leg, different triangles are possible ( bullish or bearish ).

Geplaatst door op
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2 comments:

  1. AnonymousJune 24, 2011 at 8:42 PM

    Hi Jeremy,

    Thank you so much for sharing your work. I find your analysis to be the best. Many people sees this decline as wave 3 down or possibly wave 4 correction before the final new high before the wave 3 down.
    In your analysis, you have this down as (Y) to about 1.375 level, after the completion of this (Y), where do you see the price going? Do you have the bigger wave forecast using the weekly chart or daily chart?
    I would appreciate your comment.

    Thank you,

    Helen

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  2. Jeremy DemunterJune 25, 2011 at 2:47 PM

    Hi Helen,

    Thank you for your comment. I have added a weekly chart. The eventual target for this downtrend is below 1.1874. Hope that helps.

    Friendly greetings,
    Jeremy

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