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Next week?

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Frequent Contributor
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?
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16 REPLIES 16
Super Contributor
My kinda guy (WHL).
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Super Contributor
A relief rally was due,but I think a lot of stocks are still in trouble,having broken important supports.
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Super Contributor
WHL financials are due next week. Strong earning from its wholly owned subsidiary coupled with the weak domestic exchange rate will further strengthen its earnings.
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Super Contributor
I dont see the pattern as you do: if we completed a "general 5 wave structure", then it means we in for a ABC(3 wave structure) correction?
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Super Contributor
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?).
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Super Contributor
But if my bias is bullish, then i call this wave 5 up and the selloff just completed wave 4 down... (so WHL back to 70 or more)
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Super Contributor
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Super Contributor
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Super Contributor
if the ABC wave count is correct, 52. If the 5 wave count is correct, then 70+...but on both wave counts, we go up first. and in both counts, yes, TREND is up
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Super Contributor
I would just be careful of that little H and S on MTN. Neckline around 194.
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Frequent Contributor
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.
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Frequent Contributor
Sorry mistake, that is April13 and a strong resistance during July13.
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Super Contributor
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
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Super Contributor
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Super Contributor
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Frequent Contributor
Wave 1 started on 15January14 and very similar to the Elliott of 29May13. Keypoints also very similar.
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