+Copleted+(Dec+06).jpg) | |
| Wave 4C(iii) Completed at 1.621.5 (Dec 06, 2012) |
Price uptrend resisted by bollinger mid-band & downtrend channel top at 1,621.5.
Price close in Bearish Star candle & tightening bollinger band shows potential pullback & consolidation ahead.
If price pullback, strong support will be seen at 1,602 level, subsequent support as commented on chart screenshot above.
Based on current development, I'll maintain my view on this downtrend retracement. As mentioned in my previous post on Dec 05-07 Outlook.
Expect Wave C to complete at about 1,625. If yes, we are looking at a W-bottom forming with neckline at 1,625. If current retracement Wave 4 is extended (for any reason, like it's the December month?), we will have to see a breakout from the double-bottom neckline.
Anyway, that should be next week's business.
I expect tomorrow will be another consolidation with downward bias, in boring tight range.
Unless you manage to short at 1,620 or above this morning, or else, it will be in the middle of no where now, neither a Short nor a Long.
Coming week shall see some real movement, as Friday night will see the first Non-farm Payroll figure under the re-elected President Obama.
Have a great weekend ahead!
Happy Hunting!! :)
Jeanne, you have an awesome blog!
ReplyDeleteThanks David. :)
ReplyDelete- Dec 13 -
ReplyDeleteHi all.
Now that is evident the current Wave C is extended.
I amended my wave count from C(iii) to C3(iii),
- i.e. Completion of the small wave (iii) of the bigger Wave C3.
Wave C3(iv) has since completed, pulling back slightly to 1,612.
We are now looking at an extended Wave C3(v), the last small wave before Wave C3 ends.
More discussed on the latest post.