Presume that 1112.42 was the top of A of wave 2. Then this could
be just the start of a wave B down stretching from 1078.46-1059.03
[50%-78.6%]. The targets suggested earlier still work as the lows
today could have been the end of "a" of B down.
Time wise it fits pretty well because from the 1044 lows, the
market was up 10 trade days and if it were to drop a total of
5-8 trade days that takes us to Friday- Wednesday next week.
Then we could have a C wave up to between 1112.42 and 1150 with
my best guess being the .786 area and resistance around
1127-1130...then wave 3??
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another scenario
very short term guesses into tomorrow
Posted by perthx on 23rd of Feb 2010 at 06:14 pm
Presume that 1112.42 was the top of A of wave 2. Then this could be just the start of a wave B down stretching from 1078.46-1059.03 [50%-78.6%]. The targets suggested earlier still work as the lows today could have been the end of "a" of B down.
Time wise it fits pretty well because from the 1044 lows, the market was up 10 trade days and if it were to drop a total of 5-8 trade days that takes us to Friday- Wednesday next week.
Then we could have a C wave up to between 1112.42 and 1150 with my best guess being the .786 area and resistance around 1127-1130...then wave 3??