I think you are reaching a little bit with that 5 wave count up.
To me the move up didn't look impulsive, to me the the bounce
up looked more like a 4th wave with a new low coming for a wave 5.
If a new low forms, then maybe we can get a better bottoming
action
It looked promising off the low with divergence on the McD and
McD Hist also the 14/89/144 Sto's lifted above the 20 line.
(the RSI had no +ive div) and then the break above the
downtrend line all on the 60 Min chart I posted earlier.
I still think we are at or near a low.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
I think you are reaching
GDX - Has an A-B-C pullback on 60Min chart...
Posted by matt on 3rd of May 2012 at 10:21 am
I think you are reaching a little bit with that 5 wave count up. To me the move up didn't look impulsive, to me the the bounce up looked more like a 4th wave with a new low coming for a wave 5. If a new low forms, then maybe we can get a better bottoming action
Maybe - As we have taken out the 62% Fib...
Posted by saturn6 on 3rd of May 2012 at 10:29 am
It looked promising off the low with divergence on the McD and McD Hist also the 14/89/144 Sto's lifted above the 20 line. (the RSI had no +ive div) and then the break above the downtrend line all on the 60 Min chart I posted earlier.
I still think we are at or near a low.