Since the last update price went higher and even broke the trendline, this could be considered bullish. Overall price action looks very much corrective, leaving us with a lot of possible counts, including triangle counts, which are easy to spot but hard to count because of the many possibilities in which it can transform. With all the possibilities it is smart to zoom in and focus on the smaller timeframes untill the bigger picture clears up. Focus now goes to 1.0577, the 100% fib extension from the 0.9661 - 1.0378 rally. If this holds it will mean the rally from 0.9661 is a complete 3 wave structure on its own, how this 3 wave structure fits into the bigger picture remains to be seen. It could be a wave C, D, E or X. I will make a chart with all possible counts if 1.0577 holds.
Monday, January 23, 2012
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