We broke out of the upper trendchannel and tested the upward trendline at 119.55. Resistance held and that means we might have to look at different options.
Wave 1 ends at 123.69. That is the line in the sand for a wave 4 correction. Crossing this price would mean that a bigger correction is ongoing and we might see higher prices. Staying below could still mean another run down to retest the low at 112.29.
We should see a retrace from her but staying above 119.55. If we go below 119.55, we will go further down, possibly to 112 again.
Another option for this is a double zigzag where wave I is in fact a C and II would be an X (notice the 5 wave correction) and we are currently forming wave Y, but that depends on the 123.69 mark, it needs to hold in order for the double zigzag to be true.
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