I have used the Fibonacci tool to create a price projection for this current wave structure by taking measurements of each wave segment from the high.
The red segment is one unit of price movement as measured from the top. A 2.618 projection target for the red segment equals 983.19.
The blue segment is the third price segment and a 1.618 projection target for the blue segment overlaps with the red segment at 983.19 on the nose. This signifies that prices will be attracted to this location.
Based on current wave counts, this may signify the end of wave 3 or at the least the next turning point in this wave structure currently labeled (a).
For further explanation on this technique, please visit:
http://www.elliottwave.com/subscribers/subsonly/analyst-videos/bf/educational-video-series/default.aspx?code=sop&page=price-targets-10-19-2007&cn=bfvid
I am not sure if you have to be a paid subscriber to view this or just sign up with club EWI. Please let me know if you can view this without being a subscriber.
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