I still view the decline from 1,640.50 down to 1,561.44 as the first minor wave in an impulsive decline that will ultimately take out important support at 1,521.
Blue wave ii that began at 1,562.44 should end in the area between 1,626.05 - 1,629.10 from where we should see blue wave iii down. At no circumstance can a break above 1,640.50 be allowed under this count.
Looking closer at blue wave ii it will have retraced 81.6% of blue wave i at 1,626.05 and at 1,629.10 wave c will equal wave a in length. Finally at 1,628.95 green wave v of blue C will be 0.618 times the length from the beginning of green wave i at 1,561.44 to the top of green wave 3 at 1,617.40. So we will have a cluster of resistance in the area from 1,626.05 - 1,629.10.
A break below 1,607.27 will confirm that blue wave ii is done for a decline in blue wave iii down to important support at 1,521 and likely lower
No comments:
Post a Comment