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19:53
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Originally posted by dirtpuncher:
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seeing as you guys are talking about elliot wave , i might throw my 2 bob in the ring . I dont trade gxy as short term t, rather looking for a longer term play hence i start my analysis on the monthly which gives a fairly well defined elliot wave pattern . As shown on the chart we are currently in a EW 1. ew 1 is normally as long in time and price as the preceeding wave C. Then i drop down to the weekly chart and start looking for subwaves of the current monthly wave . As you can see we are currently on a wave 5 which by all avounts may have completed as it has reached 50% - 75% extension of the wave 3. A trendline exit (2 closes below a weekly trendline ) would have seen maximum profit if in fact the 5th wave is complete. At this time i am thinking it has not completed because the move down only retraced 38% . wave A normally retraces between 50 % and 61.8% so I am looking for the move long to continue because you can have an extended wave 5 . Mind you if price falls below $3.77 i will be selling as that will more than likely confirm a move into a wave A
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Very interesting assessment. I like the monthly chart as it shows what @beisha has been saying - that we are in the third major EW cycle. I see your point about the sub-wave, so we will find out next week I suspect. If our other EW guys and I are right we will retrace, if not we will climb further.
