1.611 is broken. Wedge is also broken convincingly.
We have inversion and ITD 1 becomes a low (previously a high) due around Oct 8. I put LTD 17 high as arrived at 1.7. SLTD 3 high will also arrive here as well if 1.58 is broken.
Thursday, September 24, 2009
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2 comments:
Nice work.
What is your reasoning to decide that there is an inversion ?
Could we just be heading down to pt 11, which is a little late, before moving up to pt 1.
Yes, your scenario is very possible. In your scenario, we could move up to ITD 1 which is due on average Oct 8 (but should be due earlier since the higher time frame is travelling down) before resuming the downtrend. In this scenario, we are likely to test the broken trend line around 1.62.
ITD 11 per my chart is due on average Sep 22. Yesterday was already 3 days late, still within a reasonable time for a late ITD 11. But if we continue to make lows next week, let's say we make new lows on Oct 1, then chances are ITD 11 was already due per my position on the posted chart.
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