Support Levels, page-281

I have been away on a holiday in the Hunter Valley for the past week & look what you guys have done with the share price.

From a charting point of view everything is still on track. As long as we do not fall below $1.56 there is little need for re-evaluating the wave count.

If the $1.76 bottom holds then I would be looking for the 3rd of the 3rd of the 3rd to take us to a minimum of $4.07.

If I am correct in my wave count since the $2.99 top, I have discovered something of interest.

According to Ralph Elliott, the 3rd wave cannot be the shortest of the 3 impulse waves, 1, 3 & 5.

Therefore consider this correction to be an expected A,B,C correction with 5 waves in C.

We have wave A $2.99 - $2.525, wave B $2.525 - $2.96.
Then we have wave C of which I shall only bother to show waves 1,3 & 5.

Wave 1 of C of 2 of 3 ($2.96 - $2.20 or 76 cents)
Wave 3 of C of 2 of 3 ($2.59 - $1.99 or 60 cents)
Wave 5 of C of 2 of 3 ($2.35 - $1.76 or 59 cents)

Notice how wave 5 did not exceed the length of wave 3 which would have made wave 3 the shortest yet Elliott says this should never happen.

If I am correct & Elliott was correct then $1.76 should be the bottom.

If this is not the case then it is back to the drawing board for re-evaluating the wave count. Elliott will not be wrong, it is only I who could be so.