It seems that an abcd pattern is in development. If it so, we talk that wavw (4) has been formed and wave (5) will start soon.
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On a daily chart approach, daily close price must be above 12247. In other case, it will be wise to close long positions and stay out of the market, until will be more clear the direction of this index.
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After completion ab=cd target (12372), the second target 12575 is in play.
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SECOND TARGET IS IN PLAY
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Consolidation.We still hold our long positions.
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go go goooo
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Since we have extension on wave 3, waves 1 and 5 are almost equal.
Thank you, one question:
Are these smaller 1-5 the start (wave 1) of a final large 5 wave up i.e. wave 4 was completed end of August
or
are we still in wave 4 i.e. we just completed wave B and what we now look for is a wave C down to complete wave 4?
astairwaytoprofit
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@AndersE, This is a very big question my friend. We will see....The structure of this impulse five, didn't shows like wave b, but you never know. Anyway, I think that it is more wise to stay out of market in this particyllary moment.
Are these smaller 1-5 the start (wave 1) of a final large 5 wave up i.e. wave 4 was completed end of August
or
are we still in wave 4 i.e. we just completed wave B and what we now look for is a wave C down to complete wave 4?