Wednesday, September 8, 2010

XAO Wave 2 of 'C' Circle - Updated

In the last post, I discussed a break above 4620 would invalidate the current count - slightly. The break to 4628, a mere 8 points and the upwards thrust that appears to be 5 waves (wave (c) ) provides additional insight for wave '2'. Basically, wave '2' is still unfolding - but as a double flat correction as shown below.

There is still room to move on the upside as it appears that wave (c) isn't quite complete. For completion, a small drop today then a push higher would finish this wave over the next several days.  A target area of around 4640-50 would be ideal and form a double top from June. Breaking confidently down thru the up-trending channel lines (shown) for wave (c) before heading higher(<--correction) could be a strong indication that wave (c) is already complete.

The overall XAO view can be found here for wave 'C' circle

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