Sunday, August 23, 2009

EW Channeling and Fibonacci Relationships Continued

As a continuation to my previous post , I added a trend line (in pink) highlighting a potential bearish wedge. Notice the lower trend line for the wedge shares the lower trend line for P2's lower channel line.

All lines seem to converge near the previous fourth wave extreme of 1044.31. Price appears to have several "resistance" levels to contend with so to speak near this area.

This will be an interesting week ahead and an area to watch indeed.

1 comment:

  1. i am afraid that today's action will be like sitting watching a painted wall to dry. good morning