Disclaimer - I am not trading this instrument yet. So at present my interest in this instrument is purely from charting perspective. Having said that I originally published my first chart in September you can view it is at
I expected the retracement which never materialised in the manner expected. Yet the 600+ for possible completion of 5 waves have more than met and in fact we are probably not half way in to this cycle.
Note my comments in the chart. Clearly we are in wave (3) on my chart and this have habit of extending several times particularly in very strong trend. Therefore, no Fib extension or trend channel or such would really work. So using the percentage change in price of wave (1) and projection by common Fib relation of wave (3) and some other similar calculation, I speculate that we might now surpasss 10,000 mark for wave (3) to complete by March 2014. One to watch for sure as there will be sharp sell off along the way that might give heart attack of if entered the trade at the wrong time or stop too close to the price action given the 400+ decline not unusual as we continue to clime higher.
I expected the retracement which never materialised in the manner expected. Yet the 600+ for possible completion of 5 waves have more than met and in fact we are probably not half way in to this cycle.
Note my comments in the chart. Clearly we are in wave (3) on my chart and this have habit of extending several times particularly in very strong trend. Therefore, no Fib extension or trend channel or such would really work. So using the percentage change in price of wave (1) and projection by common Fib relation of wave (3) and some other similar calculation, I speculate that we might now surpasss 10,000 mark for wave (3) to complete by March 2014. One to watch for sure as there will be sharp sell off along the way that might give heart attack of if entered the trade at the wrong time or stop too close to the price action given the 400+ decline not unusual as we continue to clime higher.