my previous chart suggested entering the third of the third (of the third!) from a bounce off the trend line linking waves 2 of differing degrees.
that broke down, and that it broke down suggests something far greater is at work. this is what i have come up with, and it is very bearish.
at a minimum, wave C will meet or break the wave A low as shown. however, C waves most often break wave A low's. so i would suggest this chart is at a minimum on the downside with the sp more likely to fill the gap!
volume is not spiking on the downside, so no long term bottom yet. also, internal construction of the down wave since the 9.2cps 24jan high does not appear complete as the fifth wave has not finished as "a five".
whatever.
japan is still rocking violently, my hotel has large cracks in it, the blinking reactor may be about to go and the death toll could still reach the hundreds of thousands just from the tidal wave.
conti coal's share price seems less relevant today than it did last week, but life will go on.
to that end, a tremendous buying opp awaits, and for my money that may not be until the gap has FULLY closed. the wave count will be my guide, along with other newly acquired indicators.
spare a thought for the people of japan...
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