All us long guys operating without stoplosses can hopefully take a breather now. Supporting the apparant turning point in the market is the completion of a general 5 wave structure. Progressing thru an Elliott pattern with 3 more small waves up to wave 8 is probably not far off. During next week I see SAB at about 50400, WHL at around 6700 and MTN at around 20300. Any other predictions?
Try this if your bias is bearish: 23 Jan was the all time high, so end of wave 5. Then came corrective wave A down which ended on 4 February. This bounce is corrective wave B up( possibly to 40967 or so)....this means wave C down to follow. So correction not over, a low below the low of 4 feb to follow. (and WHL may see 52?).
Rams, I agree the waves are obscured but one can identify them more clearly with the candles switched on. As per Elliott rule, obscured wave C whenever it occures will end in line with the endpoint of wave 4 which for WHL seems to be at about 6700. Looking at the chart, 6700 seems to be a strong support during March/April12 and a strong resistance during July12. So the previous key value of 6700 ties up neatly with the current Elliott. Moreover, WHL is in a strong buying zone. I really have a good feeling about WHL taking off north to at least 6700 and hopefully more if favourable financials emerges.
and wave 4 was Dec 13, 2013...(TOPI, Daily chart)...we way above, so it means wave c still to follow...therefore wave B now and wave C to follow will end just above 38538(end of wave 4. dec 13, 2013...)...all this means is that if your bias is bearish, the correction not over...I not trading my bias, i trade with my stop losses