Cookie Policy

Chartsview Blog

The Latest Blogs from Chartsview

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Archives
    Archives Contains a list of blog posts that were created previously.
  • Login

XEL daily 10/05/13

by in ChartsView Blog:
  • Font size: Larger Smaller
  • Hits: 2205
  • Subscribe to this entry
  • Print
One thing I would say on this is that until the low at 107.75p gets taken out there remains the possibility that this move up from 92p is a wave 4 up and not the start of a new trend.

So far it's been limited to almost exactly the 38% Fib of the drop from 124.69p which does suggest that this may be what's happening.

The form of that last rise to 127p seems to suggest that it wasn't an impulse wave too (just like GKP's move from 141p to 260p) which adds weight to this argument.

For me the cut-off points are clear on this: a close above 107.75p and it should be a new uptrend; a new low below 91.71p and there'll be a 5 wave sequence down from 127p which, although it should give a bounce off the main trendline, would not bode well in the longer term.
Trackback URL for this blog entry.


  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Monday, 25 January 2021