Monday, August 17, 2009

H&S Update 8-17



Update: I will also add that wave (c) of MINOR B = 1.618 x (a)= 970
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I apologize if this chart is busier than ever. I just wanted to show how the H&S played out compared to my previous chart.

I don't have much more to add at this time other than to keep an eye on the 960 level.

Why I am expecting 960:

1. The lower trend channel line will keep it honest. (http://waveprinciple.blogspot.com/2009/08/channeling-p2-zigzag.html)

2. If wave iv of (c) of MINOR B completed today, and v began, wave v would end near 966 if it is equal to wave i of (c) of MINOR B.

3. The distance of the top of the head (1018) to the neckline (992) is 26 points. So the expected move is to the 970 area. This could be more or less.

There is talk of a much lower move and it is possible if my alternate count is the true count. However, we won't know until price makes it to 960 and breaks below the lower channel line.

Let's see what happens!

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