Making big base over last 18 months. Range is R110,00 to R138,00.
Made big W formation inside of the box.
Break above R138,00 will open target around R160.
If you would like to keep this in portfolio for longer this is the time to buy.
I know most people will jump and say how head and shoulder is pattern valid only at market tops but I'm posting this chart here.
If it plays out target around 9600, or if you want to be safe 10000 would be good bet.
Big red engulfing bar today.
Vodacom has required some time but it seems ready to take the next step down of the overbought line of the downward stride. After the redistribution, range has played out and with the market turning down Vodacom may follow the market down.
Vodacom has consolidated but after reaching the overbought trendline of the downward stride there was a clear change of character indicating weakness. The break of the TR range could indicate more downside to come.
UPDATE. Previous count edited slightly
- I still think we are going up
- No idea what happened this morning. Massive instant drop..
- My mistake might have been thinking we can get an symmetric triangle in the 2nd wave. Apparently that's not possible by EW rules.
- I now count the low of this morning as the end of wave 2.