We have seen a test of important resistance at 130.37, but not yet been able to break above this resistance. However, I think that it is just a matter of time before we will see this break for a continuation higher towards the top of wave 3 at 131.12 and higher towards 131.62. My target for this wave 5 is near 135.42. Short term I expect minor support at 129.72 to protect the downside for the a break above 130.03 that indicates a new test of important resistance at 130.37.
I'm a bit surprised to see the rather big correction from the 1.5717 high, but that said, I'm still bullish due to the break out of the falling channel and the fact, that the rallies does have an impulsive character. Short term I'm looking for support near 1.5518 for a break above 1.5593, which will confirm the next rally higher towards 1.5717 and beyond. However, until we have seen the break above 1.5593 we must accept the possibility of a slightly deeper correction, but ideally 1.5518 will hold or we will see a continuation down to 1.5463, before the next move higher can be expected.
EWS,
ReplyDeleteDo you still think SPWR is in wave 1? Being that FSLR and SCTY are both in wave 3 it doesn't make sense to me SPWR is too. I see FSLR had a one hour pullback of 10% and we are appoaching new highs again. These stocks are not staying down for very long.
Hi Todd,
DeleteI have made a follow up post.
I still think the wave 1 Count fits the Picture best, but as you say it could be, that we are in wave 3 and if this is the case we should be looking for a continuation higher towards 25.11 as the next target.
kind regards
EWS
Hi EWS hope you are well
ReplyDeleteWith the latest three i ii"s are you subdividing into minor i ii ii iv v up and correcting down with fibo levels to ii
Best Regards jt
Hi EWS,
ReplyDeleteMy first time commenting, but I have been following your blog and wave count for the ej. Do you think the ej made today a wave 3 on a 60 min count with wave 4 in process and 5 still to come, think this is called a (minute count) Please see link to photobucket where I have this count.
http://i1336.photobucket.com/albums/o647/elpuerto93/ej952013_zpsb4c057ca.png
Have a good day and thank you for sharing.
david
Hi David,
DeleteThank you for sharing your Count.
I think your Count is close to being the same as mine. However I don't have a finished wave iii yet, but only wave (iii) of iii and wave (iv) of iii developing, which Means wave iii will finish a Little higher, something like 132.18 and the wave iv and v of 3, which ideally will terminate close to 133.59.
However, no matter what my Count is, I think you should stay with your Count and enjoy the ride and if it turns out the you will have to ajust you Count, so be it, but you are clearly on the right track.
Kind regards
EWS