My preferred count is, that a wave iv triangle is building and setting the stage for one last rally higher towards 135.47 once the triangle is finished. Looking at the structure of the triangle we are currently building wave d of the triangle, which I expect will end near 130.00. Once wave d of the triangle is finished we only need one more set-back in wave e before the last rally higher. However, the triangle need to respect support at 126.43 and more importantly support at 124.87, If support at 126.43 breaks the preferred scenario tilts in favor of a top already being in place at 131.12 and wave (2) developing towards at least 118.73.
It is still an open question whether wave c of ii did finish at 1.5236 and is headed higher or we still need one last decline closer to 1.5188. As long as support at 1.5255 I will be looking for a break above 1.5356 and more importantly a break above 1.5395 to confirm that we did see a bottom at 1.5236 and is headed higher towards 1.5611. However a break below 1.5255 will indicate, that wave c is not finished yet and call for one last decline closer to 1.5188 before wave iii can take over.
Hi EWS,
ReplyDeleteDo you by chance follow Solar stocks?
I am wondering if you think FLSR, SCTY, and SPWR are in a 3 of 3. The most obvious chart is SCTY. It shows better wave structure than any other stock I have seen. But, I am most interested in SPWR and FSLR because of the larger volume.
Hi EWS - on FB, on the current uptrend, how many waves do you see on the short term chart? Wave 1 ended at $28.10, Wave 2 appears to have ended at $25.19 and we are now in Wave 3. I count 3 waves of wave 3 completed thus far. Do you see a full 5 waves of 3 completed yet?
ReplyDeleteHi Todd,
DeleteI do'nt follow Solar stocks, but will gladly take a look at them for you and give you an opinion.
Kind regards
EWS
Hi Hedgiefundman,
ReplyDeleteI think your Count is way off. It might be, that you can Count three maybe even five waves from 25.19, but that would only be wave (i) of iii of 5. If you have wave iii ending already you would instantly have wave iv overlapping wave i, which is not allowed under the EWP.
I would expect an acceleration higher soon as wave iii of 5 with a target for wave 5 at 34.10.
Kind regards
EWS