triangle break to 1088 would work fine with the 50% correction
etc but time is running out today.Maybe a jolt down on the
open and then a sharp rebound for a couple days?
I have two nudging thoughts in back of my head, 1) that we got a
short B wave correction and will soon move higher or 2) that 1104
yesterday was all the wave 2 two we were going to
get....contradictory fears/hopes??
I doubt that we got all of the correction so far. One thing that
I learnt from McHugh is that a correction need span at least a 38%
retracement (or it's something else). Secondly, wave 2 is supposed
to give a buy signal for the market to confuse some and to give a
sufficiently high risk-reward for those who play the counter trend.
That means that short correction will not suffice. So, no, higher
prices are yet to come. 1108 would be the minimal target before a
reversal. Patience, please!
The pattern on the dollar supports this current decline to be
followed by another advance in its wave (ii) down on the $USD.
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triangle break to 1088 would
5min triangle
Posted by perthx on 3rd of Feb 2010 at 03:32 pm
triangle break to 1088 would work fine with the 50% correction etc but time is running out today.Maybe a jolt down on the open and then a sharp rebound for a couple days?
I have two nudging thoughts in back of my head, 1) that we got a short B wave correction and will soon move higher or 2) that 1104 yesterday was all the wave 2 two we were going to get....contradictory fears/hopes??
I doubt that we got
Posted by junkie on 3rd of Feb 2010 at 09:00 pm
I doubt that we got all of the correction so far. One thing that I learnt from McHugh is that a correction need span at least a 38% retracement (or it's something else). Secondly, wave 2 is supposed to give a buy signal for the market to confuse some and to give a sufficiently high risk-reward for those who play the counter trend. That means that short correction will not suffice. So, no, higher prices are yet to come. 1108 would be the minimal target before a reversal. Patience, please!
The pattern on the dollar supports this current decline to be followed by another advance in its wave (ii) down on the $USD.