Anyone still around? I know it has been a few days since I have posted anything. I have been busy and quite frankly too tired to figure out what has been going on with the major indices.
Dan, Kenny, Nate and others have been doing their best and a fine job at that. As of today it appears they may be on to something now.
I think my previous posts on trend lines are what I am watching and not so much counting at this point.
So I have turned my attention to Citigroup. I don't know if true EWs are playing out here but if I just start from the March 2009 lows, I see a potential A-B-C corrective pattern playing out.
The final wave C formed an Ending Diagonal, which of course, is a very rare formation. According to EWP (Pg. 37), EDs are "found at termination points of larger patterns, indicating exhaustion of the larger movement."
I guess if we take this along with what is expected with the broader market, this may correlate nicely.
I also highlight what appears to be a head and shoulders pattern developing as well.
The expected move for the ED and H&S play out near the support line I have highlighted in green. Let's see what happens.
Don´t you think Citi could be doing a flat correction (3-3-5) after the peak of $ 5,43 in August? with the following subwaves:
ReplyDelete1.a: 5,43 - 4,30
2.a: 4,30 - 4,99
3.a: 4,99 - 4,11
1.b: 4,11 - 4,74
2.b: 4,73 - 4,36
3.b: still drawing, so that when it is finish start the final downward movement with subwaves "c" below $4,00
Regards, Ariel from Argentina
Hi Ariel
ReplyDeleteThat is a very valid option. I will also be keeping an eye on this count. Thank you for viewing and your feedback!