breaking out, page-25

was just on the phone to Nick Radge (www.thechartist.com.au)who appears on ymyc,the point of the call was to ask about elliot wave counts after a downtrend,ie when a downtrend turns up is it an a-b-c correction of the d/t or is it the start of a new 5 wave impulse move to the upside,what he said with relevance to Neon made a lot of sense,in essence at this stage we don't know,what we do know is that a correction will normally go to the 50 to 61.8% retracement zone of the prior high so in this case the prior high being 59c the target zone is 38 to 43 c.
When it gets there we can look at the nature of the move up and assess wether its impulsive or corrective in nature.
My feeling is that the move we are seeing now is the start of an impulsive 5 wave move to the upside and i base that on what we all know is coming up in the next few months.
cheers
filbertstreet