Saturday, August 8, 2009
Daneric is looking for an expanding triangle, and said P2 would be a bear killer, which is exactly what I acknowledged in my last post. I was afraid to take another short, but did it because I realized that is the way it should feel at the top.
But now I have second thoughts and wish I had waited. Elliottians have been suckered into counting top after top since March. Everything looked like it was going to fall into place on Friday until 12:30 EST when we advanced past 1014. In my haste I failed to see the bonus wave.
There is no denying we have an extra wave at 1018, just 4 points above the previous high, but that extra wave is fairly difficult to explain. The problem lies with the overlap of (wave i and wave iv). It makes alternate counts quite difficult.
I've seen Danerics Expanding Triangle, and while it may be correct I wanted to share this Alternate count. If we make a new high this may be the scenario to go with. In any case the first barrier to break will be 970.
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 16:37