Wave [B] corrected 50% of the decline of wave [A] and my preferred wave count is shown on the chart above. I see the decline form 5,048.60 to 4,450.20 as wave i and we are currently in a wave ii correction, which ideally will take us to the 4,751 - 4,823 area, before wave iii down will take over, breaking below 4,450.20 for a move down to at least 4,251.59, but more likely below the 4,000 mark for a decline closer to 3,881 area.
One could easily argue, that a expanding triangle is building, but looking at the Shanghai Composit and the the other major indices I don't find that count very trustworthy at this point and it will only come into play if we see a deceive break above the 4,823 area.
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