EJ one more down move or huge correction?

EJ is pushing up and is close to the 786 and 886. Seems like a good selling spot to me as a move down is likely.. either as a wave 1 for continuation downside, wave 2 correction for more up, or wave b in a bigger abc correction.. 

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Comment by Chris Svorcik on June 6, 2012 at 9:11am

Hi Peter, in this screenshot the price levels are at 98.98 (786) and 99.48 (886), but if you move the fib a bit higher and take a slightly higher top the price level are at 99.26 (786) and 99.74 (886).. price seems to have respected the 2nd 786 level at 99.26 almost to the pip. 

98 level to buys seem like a good trade. you have a trendline and 500/618 fib of the last move up plus ichimoku cloud support on 1 hour level. 

Cheers! Chris


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