I suppose the last move down to correct at least 38.2% Fibo of this rally, which has started at 16-Nov-2012 and finished at 3-Dec-2012.
I've labeled 1403.74 as minute A wave down, 1415.22 as minute wave B up, and would expect C wave down to unfold. I have labeled B wave as Expanded Flat.
Short term resistance remains 1415.22, and then 1424.81. Short term support remains 1397.57. If the price goes up from here and overcomes the resistance at 1424.81 I have to negate this count, in this case 1397.57 should be Minor wave 2.
1 comment:
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