Today's Support and Resistance Levels:
R3: 141.84
R2: 141.79
R1: 141.49
Current Spot: 141.46
S1: 141.21
S2: 140.98
S3: 140.65
Technical Summary:
Support at 141.23 protected the downside for yet another high at 142.00, but the following decline does look impulsive and it should just be a matter of time before support at 141.23 is broken clearly for a continuation lower towards 136.33. Short term we could see move higher towards the 141.79 - 141.84 area as long as minor support at 141.30 protects the downside, but once this minor support is broken I will be looking for an acceleration lower. Even support at 141.23 should be no match next time it is tested.
Ews i respect your opinion...but decline from 142 is not impulsive...its 3 waves
ReplyDeleteHi Jean,
DeleteI agree with you that the decline from 142.00 does look corrective, but then the entire rally from 140.08 does look corrective. The slope of the rally from 140.08 to 142.00 is not that of an impulsive rally and should be regarded as a corrective rally. However, the decline from 143.87 to 140.08 is clearly the slope of an impulsive decline and that is the reason I count the rally from 140.08 to 142.00 as corrective.
One more thing you can't count any of the rallies from 140.08 in five waves telling us that they are part of a correction.
Kind regards
EWS
I agree ews...i think its correcting upwards towards 152ish...thats why very few impulses...i think a market can move alot in a big corrective sequence
ReplyDeleteHi Jean,
DeleteNow that makes more sense to me. So all in all we just have two different Counts for the medium/long term.
Kind regards
EWS
Ews we basically agree there will b correction i just think theres 1more high to go before
ReplyDelete