In the last update i mentioned that the rally from the low was corrective. Since then, there was another leg higher into a new high. From this high, the decline is corrective aswell and forming a small triangle which lays upon a supportive trendline. Wave E could be complete or have another leg higher, but as long as 1.2381 does not get broken, the triangle count remains valid and price will eventually break the trendline. Should price go above 1.2381, the corrective pattern could transform into another corrective pattern, like a complex double three.
Sunday, August 19, 2012
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