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> Having broken through .382, are you looking for a run to .5, or
>other?
>
There are a few ways to look at that I guess.
I wouldn't dare guess on an elliotwave basis, but using the Inverted Head & shoulder pattern(s), could perhaps give a clue.
Looking at the gif I see 2 patterns where the shoulders are marked S1 and S2, each giving a different objective.
The S1 measured from neckline to bottom and then added to neckline gives a min potential of 188
The S2 gives a min. potential of 204.
HOWEVER there are some hurdles we have to overcome:
This gif shows that we have a lot of resistance to overcome, where we are now, before it's up and away (even if the 38,2% retracement of A-H has been broken), including the major resistance line AC, and several other moves including the X-A move x 0,618, DE retracement x 1,618, BC x 1,382 and 50% of CH .
However, this could easily be accomplished if Martin Armstrongs article "Is the Global Economy Cracking Up" at
http://www.pei-intl.com/HMEFRAME.HTM had any impact or the "panic cycle" were to unfold soon.
The next resistance would probably be the 180 area which also includes the B bottom and then the 192 area and then the 212 area including the C top if we are in a new bull market, otherwise the 78,6% retracement level at 205.59 could be the STOP sign for this upmove.
These are the levels as I see them. Other people have probably other suggestions...
See you Tuesday
regards
stig
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