Target price level and time in the previous post on Aug 18 have been met.
ITD 8 low is probably already IN at 1.6159 on Wednesday.
ITD 9 high will be due on average around Aug 31. We could be on the way to retest the broken trend line now.
Wednesday, August 26, 2009
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7 comments:
Hey C,
If SLTD 16 gets broken, does that mean that SLTD 17 is in at MTD 3? And if so, would SLTD 19 eventually take out SLTD 17? The reason I am asking is, I am following an alternate EW count that has 5 waves complete from 2.11 - 1.35 and Cable currently in a Wave 2 correction with only half of the correction complete (Wave A of an ABC zigzag).
Thanks,
Jay
Hi Jay.
16 is LTD. SLTD is a higher time frame than LTD. SLTD 2 low is at 1.35.
Here's the key level and what it means if it breaks:
If 1.598 (MTD 2 low) is broken, this means LTD 17 high has arrived at 1.7
If 1.58 (LTD 16 low) is broken, this means SLTD 3 high has also arrived at 1.7.
Hey C,
Yeah, I mixed up the LTD and SLTD. So, if 1.58 low is broken and SLTD 3 arrives at 1.7, it will depend on the trend to determine if SLTD 4 will break SLTD 2?
Thanks
Hi Jay,
It's not possible to look at time frame higher than SLTD. It's just too big. Usually we'll just go with smaller time frame (SLTD is already very high enough) and let the time tell us where it's going.
What we do have is the expected time arrival of SLTD 4 low, if 1.58 is broken. So when the time is up, and SLTD 2 is not broken, we conclude that the time frame higher than SLTD is pointing UP.
Excellent. Thanks
Hi C, what would the target for the ITD 9 be? currently at 1.6280
Hi Gordon,
Probably around 1.636 (broken trend line) to 1.645 (SMA 50 days). Conservative target since the higher time frame is down.
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