Gan and Elliot analysis and some observations
Initially I made a Gann analysis, and found important support where the trend is likely to return up again.
because the big boys will probably be waiting there with large buy limit orders.
however, price never reached the buy line, I think premature buying forsed the price a bit higher, but as we can see on
the current up move, it is not exactly explosive as it has been earlyer at the bottoms.
note also the Elliot analysis, we have compleated the fifth wave,
wich indicate a larger correction than we have seen so far.
we should see an ABC and then a resume of the trend,
because current buyers are probably not strong enough to carry the trend further,
we are not between the 50% and 61.8% fibonacci retracement.
I will short it down to the Buy line, then reverse the trade and go long at C.
because the big boys will probably be waiting there with large buy limit orders.
however, price never reached the buy line, I think premature buying forsed the price a bit higher, but as we can see on
the current up move, it is not exactly explosive as it has been earlyer at the bottoms.
note also the Elliot analysis, we have compleated the fifth wave,
wich indicate a larger correction than we have seen so far.
we should see an ABC and then a resume of the trend,
because current buyers are probably not strong enough to carry the trend further,
we are not between the 50% and 61.8% fibonacci retracement.
I will short it down to the Buy line, then reverse the trade and go long at C.
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