I have been waiting patiently to get a clue, that the bottom of wave 4 was in place and that clue came yesterday. With a low at 26.34 it have bottomed just 2,85% above my ideal target at 25.61 and we should now be looking for a break above 28.94 to confirm, that wave 5 is under way towards 33.71 and likely even higher towards 35.44
great call on this name!! how are you coming up with your wave 5 price targets? What about apple, any updated thoughts?
ReplyDeleteHi Hedgiefundman,
ReplyDeleteThank you!
The two target I always calculate, when I think wave 4 is finished is the 38.2% of the distance traveled from the bottom of wave 1 to the top of wave 3 and add the figure to the bottom of wave 4. Then I calculate the 61.8% of the same distance and add it to the bottom of wave 4.
These two targets is then my guide-line for the possible endingpoint of wave 5. As wave 5 develops I do everything I do in the bigger count all over for wave 5 alone and if I then get two targets at the same level or very close together, this becomes my ideal target.
I will try to update Apple during the weekend, but I will be very busy, so please bare with me if I don't have time for it.
Kind regards
EWS
Hello,
ReplyDeleteNot sure if wave 4 is quite done yet on facebook. We may see a retest of the low 26s next week. If it breaks below 25.50, do you see the count as invalid? It certainly looks like a cup and handle pattern is forming and a breakout will be triggered if it can recapture the 29-30 region. However, it breaks below 25.50, how much more downside is there before wave 5 kicks in. Elliot Wave technical analysis has been textbook on this name over the last year regardless of the fundamentals.
I see a similar pattern forming in Ford, it seems to have strong support at the 13.20 level after bouncing from 12.15. If it can regain the 13.90 to 14 region, I see a major breakout to potentially 16-18. Same type of cup and handle patten forming.
What are your thoughts?