a 3rd wave in progress...

Well, it seems that the x wave was over at the 2660 area and what we were witnessing since then was the beginning of a new impulsive wave... A 1-2, 1-2 senario is forming and now we are at the middle of the most powerful wave of it... the 3rd wave...  targets for this 3rd wave are illustrated as the extension of the 1st wave and more possible those are the 261, 8% and 423,6% extensions of that 1st wave... so we still have some room to the upside...

What we expect to happen then is a correction as a b wave and then another wave up... that will finish a w-x-y wave sequence since the 2030 lows and allow for a deeper correction... so, now we have a clear map to work on...
trade safe

A LD looks very likely

All this choppy - sloppy upwards price action could really be a LD... if that is the case we are near at the completion of the formation... stops for any long position should be a few pips below 2658, 'cos LDs tend to be followed by deep second waves generally...

recent price action isn't very convincing

Even though we got a new low as expected per the previous post and price rallied afterwards, I am not very convinced of the rpice action so far... so I am tempted to present an alternative senario which puts us in a flat correction as a final y leg before we call that the final low...
I have some trouble uploading the chart , so click here to view it

one more low to 12705

should complete an expanded flat as a 2nd wave.. afterwards a powerful 3rd wave should take us higher...
that  is because the advance from 12715 doesn't look very impulsive, so I suspect it is a b wave... possible price action as illustrated...

target for the 2/b wave seems in

... if the wave 2/B has finished, that means we r at the beginning of a massive rally that should take us at least to 13800 level and possibly within the next month or so... I suspect the white c wave was actually an ending diagonal... and now that everyone is expecting at least one more wave down or even worse the continuation of the downtrend we should skyrocket high... we'll see... trade safe

100 pips down and then...

get ready for a >1000 pips rally... that 1000 pips rally should take about 30 trading days to evolve.. but first one last decline...

ps. I know it's been a while since I last updated the blog.. I will try to do it more often so on...