chris fords rambo friday - 11/11/11, page-9

I suppose it would have been too much to expect a simple ABC correction. Nothing easy in this game. Thinking aloud yesterday, I was wondering if it might be an ABCDE type correction. This morning I can even add the possibility that it still might be an ABC with C taking on the look of a downsloping wedge. At this stage I am really more interested in getting the indicators back to the bottom of the panel. I keep thinking along the lines that we need to gather our strength a bit more to have a go at the overhead resistance which is going to be very stiff.

XJO picked up its uptrend from the October low on my hourly yesterday but I would be very surprised if that didn't get broken before this correction is over.

FE price was up again overnight - even if by only a small margin. But have you read about the fact that it has gone up everyday for the past fortnight in the papers. Of course not but there was lots of talk about doom and disaster while it was falling. Again a case of ignoring the news and watching the markets.

And Martis - there are only a few hard and fast rules in Elliott Wave theory and one of those is that Wave 4 CANNOT overlap Wave 1. So you need to find a different sequence there.