Like the Quarterly and Monthly charts presented previously, the weekly chart is in a bullish position. Starting from the 2008 Wave IV low (as analyzed on the monthly chart) we can see that the weekly is in the D-wave 5 position of an upward trend. The next chance of an exhaustion signal associated with that fifth wave would be a new sell setup. We are working on bar #6 of such a setup this week.
Finally, price pulse theory states that we need to watch for a break of the Beta - X trendline here before deeming this chart as bearish. That trendline is shown by the bold orange line and is generally running parallel to the moving averages.
Bottom line: Adding this chart to the mix produces an allocation reading of +75%. Only the daily chart is left to go. Look for that over the next few days.
1 comment:
I am a beginning level student of TA so not able to ask intelligent questions. But I really appreciate your sharing!
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