Tuesday, September 8, 2009

OIH; Ready For A Pullback?

Is the OIH ready for a pullback? I haven't had a chance to nail down the exact overall count here but that is not all too important at this very moment and at least not for what I want to point out.

As far as EW goes, if a clear 5 wave structure can be identified, than it would stand to reason that a 3 wave a-b-c corrective would follow. That is why I mentioned above that the exact count was not too important.

If the structure I have posted has been correctly identified, an abc corrective move should be occurring.

So far, wave (a) has completed and wave (b) appears to be forming a triangle. Though price has not touched the upper trendline for wave e (and it doesnt have to) the 60 min chart I have provided shows that wave e of the triangle may have completed.

If wave e is not complete than I would expect it to hit the upper trendline before thrusting lower.

If it has and if this is truly an abc corrective, than wave (c) may find it's way down to equality with wave (a) or 1.618 x a.


  1. wave was the move from 1036 to 1033 the beguinning of P3?
    was it?
    was it?

    Full short???

  2. I did an analysis on the wave count for this and posted it yesterday on my blog at:


    Check it out. If you don't mind, could you click on the "Follow" button on my blog?