Sorry for inconsistency in posting, usually I aim to keep the thread updated on a weekly basis, however, time constraints, lack of participant response, naturally puts off the urge to post.
Quote:
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Originally Posted by Summerset
Analysis covering coming quarter is attached.
Recommend to Short 4550/4600 --> 4130/4070 (1st Target) & 3700 (Final Target only on signal).
Reverse at 4130/4070 --> 4950 & 5100. With possiblity of extending the reversal to make it at 3700, but only on signal.
The primary secular TREND is up, and I am calling for 1.6820/6740 to be tested towards the end of this decade.
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The Forecast for remainder of this quarter remains the same. Updated Charts are enclosed in the attached PDF file.
Monthly:-
1- We anticipate to have broken above the triangular formation shown in Fig (1). However, this doesn't rule out a fall back to test the upper breakout side of the triangle shown in white.
2- In Fig (2) a preliminary correction to the grey shaded zone x lower median on the white fork is eminent.
Weekly:-
1- Fig (3) shows the extended Wave-5, now making a double top. We expect the correction to continue until the blue histogram shown below falls all the way to correct at or below the white dotted line. We will begin to accumulate longs when the blue histogram turns below the white dotted line. ( This is expected to take a relatively long time).
2- The current trading potential is shown on Fig (4). We will sell a daily close below the 2-A line. Or sell 61-78% of the double top formed. (All explained on the Chart).
Intraday:-
On the 4-hr shown in Fig (5), Note that the current bear flag is testing the neckline of the weekly double top formation. We expect this bear flag to ultimately break down to its appropriate bear target. Which of course sustains the current trade bias shown on the weekly.
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