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Admittedly, the hard rally up has been a bit stronger than I would have imagined. If the highs are taken out, then this wave count will have to undergo a major recounting. Until then, this remains my best interpretation. Im still expecting this z wave to be a contracting triangle which partially explains the powerful a-wave.
(B)
a?
w
d e
x
a c e
(C)
(A)
y
g
e a
1260
f c a c
a b
1114=support
1075
x x
HEAD -c-e-
Right Shoulder
a
-gLeft Shoulder -a-f-d-a-? -b-
This is the best interpretation of the wave up from the 1075 low--that we have witnessed a diametric corrective a-wave which concluded at 1260. Its interesting to note the presence of a short term head and shoulder pattern--admittedly, its a little messy. The target of the H&S would be 1154, which would be quite close to the 61.8% retrace the wider price range (1159). So, maybe it would be prudent to take some shorts off into this area (1154-1160)
1260 level appeared to concluded with a smaller triangle, thus the thrusting feel lower. Markets that thrust out of triangle should not see any deep retracements until the next wave, of the same degree, concludes. So, 1243/1260 are first and second levels of resistance for the week ahead, but it would be surprising to see a bounce back anywhere near that level. I am lowering my stops on short positions to 1260--a break above 1260 would cause me to exit all shorts. In the meantime, the market appears destined for a test of 1154.
PLEASE NOTE THAT THERE IS ADDITIONAL INTRA-WEEK AND INTRADAY DISCUSSION ON TECHNICAL ANALYSIS AND TRADING AT TRADERS-ANONYMOUS.BLOGSPOT.COM
Wave Symbology "I" or "A" I or A <I>or <A> -I- or -A(I) or (A) "1 or "a" 1 or a -1- or -a(1) or (a) [1] or [a] [.1] or [.a] = Grand Supercycle = Supercycle = Cycle = Primary = Intermediate = Minor = Minute = Minuette = Sub-minuette = Micro = Sub-Micro
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