Tuesday, January 12, 2010

iPhone update

Spent the entire night figuring out someone elses database and am just getting in. Basically I can squeeze in five waves down from the top. So if that structure was a leading diagonal wave 1 down, then the 62% retrace would be to the 114.5 area. If I can get up early enough in the morning I will post a chart. An argument can be made that the waves down were corrective. If that's the case then a marginal new high is possible. This brings us to one of the key issues with EW, you don't really know where you are at early on in a transition between higher order waves. Are we finishing P2? or Have we already started P3?

For now I believe we will get a continued bounce up in the morning and if we don't go too far above 114.5, then we will see a sharp wave 3 sell off tommorrow late or Thursday. If we do make a new high... Then that's all she wrote and it's all down hill from there.
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