The Ending Diagonal which have been monitoring and I have posted last week on Twitter/Stocktwits has played out establishing a temporary bottom.
If the count that I am following is correct, from the Februry 1 high price has completed the wave (A) of potential Zig Zag tehrefore price is now unfolding a countertren wave (B) rebound that should top either at 1.3134 or in the range 1.3228 - 1.3341
On the way to achieve a Fibonacci retracement…Continue
Daily momentum indicators are suggesting that price should carry out a larger rebound:
In my opinion the internal structure of the rebound from the July 24 low is clearly corrective. If you try to count it as impulsive it would be like looking for a needle in a haystack.
Since everything within what can be counted as a 3-wave up leg is corrective maybe price from the November 13 low is unfolding an Ending Diagonal wave (C)
Both up legs of this potential wedge are corrective and so far the assumed wave (III) is shorter than the wave (I). If this…Continue
Below in the monthly chart I have labelled a potential count which assumes that from the February 2002 low to the October 2011 top price has unfolded a Double Zig Zag = wave A
If price has established the top of a wave (A) then could be involved in a large corrective wave (B) which might establish a bottom in the range of the 0.382 - 0.618 retracement. Since price during the October topping phase formed a Head & Shoulder, which has a target at the May 2010…Continue