Thursday, February 18, 2010

More short

The correction is over and the v wave of the (iii) wave has begun. Looks like the first two waves are already complete and we should get two progressively shorter pushes short (if it is an ending diaganol). I am thinking the entire short move will end at 1.5411or just past that point. Once that is complete, I expect a larger (iv) wave correction. When over, there will be even more downside potential. Here is the currentl labeling of the short move. Keep in mind that price might make one more push long to just above 1.5674. If so that will end wave (ii) and the short will resume from there. Either way it should ultimately keep trending short.

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