Here is an update on this pair, using a DAILY view:
David Alcindor
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26 JAN 2016 - Chart Update / Tech-Note:
* * * Typo = Prior entry date should read "24 JAN 2016", and not 26 JAN 2016 * * *
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26 JAN 2016 - Chart Update / Tech-Note:
Price rose to 0.72587 as forecast retraced, no receding from that structural level ... Still expecting price to follow dashed forecast ... 0.68480 remains the lowest expected support, although a reversal to the UP-side at a higher level remains probable. So, use these parameters as R/S levels:
Overall targets remains intact.
David Alcindor
David Alcindor
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02 FEB 2016 - Chart Update / Tech-Note:
Forecast remains true and precise, with a recent consolidation occurring along the 1-4 Line as expected.
Predictive/Forecasting Model calls for a limited decline before another push. Expect this to represent a time-consumptive event, as pre-defined by the dashed arrow.
Best practice would be to wait for a BACA > 0.72587 as a signal of bullish reprise towards the bullish targets:
Thank you @Yahia.Awes, much appreciated - David Alcindor
abail
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Can this target along with the point a (of the ab=cd structure) be considered a double bottom in a longer time frame chart?
4xForecaster
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Hello @abail - What longer timeframe are you referring to? Feel free to post a chart - David
abail
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sorry David, my confusionI was just solely looking at your update not the primary chart. What is your opinion on what is coming up? more down?
4xForecaster
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@abail - Is this potential geometric development making sense to you?
What it does in terms of Elliott Wave principle is to complete a 5-wave impulse to the downside, in which a triangle is the terminating expression of this overall move. This is what I am expecting out of the current development.
David
4xForecaster
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@abail - f you are referring to the bottom from recent Point-a in the frame, then yes, this is by definition a double-bottom. However, a larger context is best to consider. For instance, in the same timeframe, this would represent a triple-bot:
One may also extend support lines and see that a gentle slope might offer its own support (one that I would favor):
One way to rationalize this possible "slope" expectation is to look at recent price action and perhaps appreciate that a potential geometry is also developing: