Thursday, 20 December 2012
Although the decline from w.1 was shorter than I expected my main anticipation was validated and the uptrend has been in progress. I made time projection in order to determine the end of wave 5. This is the most probable place in terms of time to establish new high becаusе оf ABC correction terminal. Look at the chart below.
Monday, 10 December 2012
Sunday, 25 November 2012
Monday, 5 November 2012
Tuesday, 23 October 2012
Fortunately, the interpretation I did last week was correct and the price turned just few hours before the time projection for w.C terminal. The price action confirmed my expectation. Firstly, the price touched a:A - b:B trendline and secondly, w.C channel breakout occurred and the support line of the channel turned into resistance line(yellow circle).
Now I'm not sure whether the decline which is in progress is an impulse or a correction. More information is required for a reliable conclusions to be made.
But one is obvious i think. The price momentum is getting wеаker according to some signals appeared in the chart. As long as the next price pattern doesn't come out a reasonable analysis for the decline from w.C high couldn't be made.