It's some time since I last showed this chart, but we should be very close to the top. From a time point of view we could spend a little more time (the red part of the rectangle) tracing out the last rally towards a new high just above the 100.06 high.Looking at the 4-hourly chart (see below) we are currently making a flat correction and are in the last part of the C-leg down, from where the last rally above 100.06 should begin. When this last rally is done close to par, we should see a big decline.
Hi EWS,
ReplyDeleteAre you concerned about the wave 1 and 4 overlap in your labelling of the structure since April?
I rather hope we are not seeing a 1-2, 1-2 scenario. I guess it could be argued that this long wave we are in now has exhibited the properties of a 3rd wave..so we'd have a healthy 500 or so point drop before another final rise...
Thoughts?