According to first one the price hits the upper channel line and bounces down directly for the H&S target.
On the chart below the price makes "zig-zag", breaking the channel, but stays under the 1131 resistance, and makes one more leg down testing the zone between the solid red lines, where the 161.8 % Fibo of "A" wave is. And then up again.
Here is shown dramatic 1131 resistance and trend channel penetration.The price action takes lateral truck for at least several months, and then up again for the bigger H&S target-1370.
Conclusion:
I still can't count any impulsive wave since March 2009 low till April 2010 top without breaking the EWP
rules.That suppose to be a complex correction. I don't want to freak you out, but despite that, I can't agree with the Flash Crash scenario yet. My long term bias is still bullish, just need to see deeper correction of the correction completed, before resuming the road to the ridge. Next couple a days I will nail my long term point of view picture on my blog's first page. From a timing point of view the trend should still be down into March 2011. 2010 should be bearish year according to Gann
as well. So let the market decide where.
rules.That suppose to be a complex correction. I don't want to freak you out, but despite that, I can't agree with the Flash Crash scenario yet. My long term bias is still bullish, just need to see deeper correction of the correction completed, before resuming the road to the ridge. Next couple a days I will nail my long term point of view picture on my blog's first page. From a timing point of view the trend should still be down into March 2011. 2010 should be bearish year according to Gann as well. So let the market decide where.Good luck trading!
1 comment:
1108 is overhead resistance.
1175 if break 1108.
My indicator shown that we only passed half of correction.
Any possibility of this wave is just a of C-wave.
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