Tuesday, August 18, 2009

Fibonacci Projection Revisited

I just wanted to highlight the progression of this projection that I put out starting on 8/15. The green lines that I drew in highlighting the path of price are arbitrary and in no way was it meant to be a prediction of the path that price would take. It is uncanny how price seemed to follow my lines anyway. The main point I wanted you to consider was the actual price targets.

So far price is behaving.

It was difficult to count the squiggles today but I can say with certainty that the waves were corrective in nature. I would say just from a pattern standpoint, it looks like a bearish wedge/inverted flag, so I am expecting a reversal here shortly.

992.40 held today, which keeps my alternate count alive. Had price broken through, it would have invalidated that alternate count since wave 4s cannot move into the end of a wave 1.

It looks like HP reported better than expected profit and revenue. We will have to see how this will affect the structure by the tomorrow.

Here are the links for each post from beginning to present:

1. http://waveprinciple.blogspot.com/2009/08/price-projection.html

2. http://waveprinciple.blogspot.com/2009/08/channeling-p2-zigzag.html

3. http://waveprinciple.blogspot.com/2009/08/spx-fibonacci-projections.html

4. http://waveprinciple.blogspot.com/2009/08/fibonacci-confluence.html


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