the melancholy of a chartist, page-8

As with all Elliott wave counts this analysis is subjective and wont be proven until the next leg is in place and the previous high .665 is taken out.

I am not hanging my hat on the count but it does fit into the Elliott/Fibonacci parameters for a wave 4 count thus far.

Looking at the A,B,C corrective wave with both retracement legs being very close to equal at 16 cents for wave A & 15 cents for wave C this is typical for an A,B,C corrective wave.

Backed up with what appears to have been a blowoff bottom yesterday by the break above the short term upper channel line today.


Open for discussion


NB: The scale is in semi log if the trend looks odd to you.


Have a great Australia Day tomorrow folks....... We are celebrating in good old fashion with a BBQ in Singapore tomorrow.