16 March 2011
The price targets below are Fibonacci retracements of 130.40-136.00 and expansion points off 136.00-133.01-134.95, 134.95-133.62-134.84.
Price targets below the current level:
- 133.51 = objective point (OP)
- 133.10 = contracted objective point (COP)
- 132.69 = expanded objective point (XOP)
- 132.54 = .618 retracement
- 131.96 = OP
- 131.72 = .764 retracement
- 131.36 = super expanded objective point (SXOP)
In case wave C is cancelled and the price moves to the buy side, the targets above will be Fibonacci expansion points off 133.01-134.95-133.62:
- 135.56 = OP
- 136.76 = XOP
(Read more about EWA and Fibonacci levels)
At the moment the indicator is oscillating around the zero level. If we follow the wave count, i.e. trade in the wave of a larger degree, which is a down wave, short positions should only be initiated on indicator reaching overbought area and the price nearing a Fibonacci resistance off the wave 136.00-133.01. E.g. 136.86 (.618 retracement) or 135.29 (.764 retracement).
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