The rally of the May 2011 low at 6.52 seems to be in the final stages, but still need a Little more upside before a top is in place. For the next week or two I will be looking for a flat/triangle correction as red wave iv before the final rally higher towards 11.60 and perhaps even higher towards 12.07 before red wave v and wave v finally comes to and end and a decent decline can be expected.
I would look for support near 10.98, but red wave iv could become a little deeper towards 10.74 before the final red wave v higher. However I think it's important to notice that we have a clear negative divergence on the EWO indicator and that is a warning that an important top is getting close.
at this point thus only a break below the top of red wave i at 10.1678 will confirm that the top is in place.
Thanks for zar EWS plenty of fighting going on with DJI for this correction in the last 2 hours push hard tomorrow sould be a good one
ReplyDeleteBest Regards jt