elliott wave analysis of xjo & spi, page-22

NCM

I still think this makes a new yearly low, although the latest decline is ugly, but if it breaches the yearly lows we should setup for a reversal, as if it a [b] wave of a running triangle, then it should at least see a bounce for wave [c] of a running triangle idea.

It could also just stop before the yearly lows and still be a [b] wave of normal triangle.

Even the worse case scenario is that its in wave 5 of [3], so new yearly lows still suggest a setup to reverse.

Hopefully we see fear and disgust from the bulls, although i trade the US gold index (HUI) but it does have a very similar look to NCM and HUI itself dont look finished, but as this is not a US stock, so we should trade what we see.