Hi. Interesting for sure. These sorts of charts always seems to exit passion and interest. Whilst it is possible for the scenario you are outlining, I think there may be something else at work. After a major peak it has had an abc correction which is being partly retraced. Once completed after a minor pull back with possible high 25 or lower, we could see this one dropping in the 2nd cycle down. This purely from Technical ratehr than any other factors. Here is the chart showing what I mean.
Hi Dan, thank you. My wish to Santa this year is to give me some free time and mental capacity to learn EW:-) Maybe you are right, I really don't know, I guess I'll be stopped on the way down. Cheers, P.
Hehehehe. Depends on your position. I agree that there is room to the upside but we could have minor pull back to that rising support of the wedge pattern. It could well hit 25 before the rally is complete. I am just saying that it might no go as high as it might appear. Appreciate exchanging views. Thanks.
Thank you too Dan. Daily looks very extended now, probably a visit to value area between MA10-30, or little lower is worth look at again. Stock is too popular right now, not a good sign, more often than not, in breakouts. From the little I know, daily looks like wave 3, isn't it? If so, then next swing could be a good entry to position for w5