Thursday, June 11, 2009
One thing I know about myself is that I tend to rush the market. I've been studying Rich's charts. I think he is right about this being the peak of Intermediate Wave A and not the end of Primary 2. His very well thought out argument for this being Intermediate A is well documented.
Basically the proportion to the Primary 1 wave seems too short. The time taken by Wave B is generally between 61.8% and 161.8% of Wave A. To correct what took approximately fifteen months in only three is questionable. Also the 38% target has not been reached.
I've relabeled my chart below to reflect this change in wave degree. This chart also corrects the value of (wave i) which mislabeled in yesterdays chart. I found it interesting that the market plunged exactly to the top of wave i at 935.66. I suppose this is technically not an overlap just yet.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 22:39