Sunday, August 26, 2012

Another shot at Wolfe

A couple of weeks ago, I was tracking a Wolfe wave that would have taken us down quite a bit. It did not pan out (marked on chart). We are close to another opportunity now. I have some misgivings as I noted on the chart. This setup is void if we blow well past 143.51.

Without further ado, here is the chart. 133 is also the 61.8 retrace of this move up since June.

In an earlier post I had used different peaks for measurement and the target was different (more ominous). I do not like the numbers, especially that 127.2 fib at 3 is not quite up to the mark. I post it anyway as I have no way of saying that it will not pan out at all.

127 is right where we started in June.

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