Because of yesterday's breakout above a yearlong TL, I decided to take a look at a possible e-wave count. I started at the last low at 695. I see a 1 wave up to 742 for a move of 47. We then corrected 34% with a move down to 726. Possible targets for wave 3 are 791(1.38X wave 1), 796(1.5X), 802(1.62X), 820(2X), and 849(2.62X). We have resistance from previous highs at 788, 850, and862. These numbers are from my continuous chart. Wave 1 of 3 was 21 pts, followed by a 7 pt correction.Then wave 3 of 3 was 42 pts followed by a 14 pt correction to769 this morning for a possible 4 of 3. If 769 is taken out, I go back to the counting board.
Palladium e-wave
Started by
cedartree
, Mar 05 2014 10:34 AM
2 replies to this topic
#2
cedartree
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Posted 20 March 2014 - 08:36 AM
It looks like the entire wave one up is complete, stopped by the 788 resistance. 740 is a 50% retracement of wave one up and just below the 750 breakout area. Downside momentum is strong right now, so we will see if 740 can hold it.
#3
cedartree
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Posted 20 March 2014 - 08:50 AM
And a sign of positive divergence: both SWC and PAL opened up this morning despite a stong overnight move down in the metals Paladium and Platinum.It looks like the entire wave one up is complete, stopped by the 788 resistance. 740 is a 50% retracement of wave one up and just below the 750 breakout area. Downside momentum is strong right now, so we will see if 740 can hold it.
