Hit First Target; Nears Second Target Per Forecast #Russell2000
Friends,
This past June 04th, I released three forecast targets, namely:
1 - TG-1 = 115.52 - 04 JUN 14
2 - TG-2 = 117.83 - 04 JUN 14
and
3 - TG-Hi = 119.72 - 04 JUN 2014.
(See recent analysis that generated these targets here: www.tradingview.com/v/u9vjhOvL/)
As of today's close (Monday, 09 JUN 2014), the first target got steam-rolled then used as a springboard (pink arrow) for further advancement in price action.
TECHNICAL OUTLOOK:
Outlook remains intact as price action is now eyeing the second forecast target @ 117.83. As indicated before, the extreme forecast (TG-Hi or TG-Lo) typically refer to lesser probabilities, which if reached, tend to act as significant counter-trend or reversal price points.
The escape velocity that propelled price towards the first target should remain in force, indicative of a Wave-3 anatomy in Elliott Waves parlance. If indeed TG-Hi imposes a significant resistance, then the EW pattern trader might potentially see a A-B-C retracement pattern back towards the GREEN dashed bullish trendline, which price used as its launchpad.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
---------------------
Twitter: @4xForecaster
---------------------
This past June 04th, I released three forecast targets, namely:
1 - TG-1 = 115.52 - 04 JUN 14
2 - TG-2 = 117.83 - 04 JUN 14
and
3 - TG-Hi = 119.72 - 04 JUN 2014.
(See recent analysis that generated these targets here: www.tradingview.com/v/u9vjhOvL/)
As of today's close (Monday, 09 JUN 2014), the first target got steam-rolled then used as a springboard (pink arrow) for further advancement in price action.
TECHNICAL OUTLOOK:
Outlook remains intact as price action is now eyeing the second forecast target @ 117.83. As indicated before, the extreme forecast (TG-Hi or TG-Lo) typically refer to lesser probabilities, which if reached, tend to act as significant counter-trend or reversal price points.
The escape velocity that propelled price towards the first target should remain in force, indicative of a Wave-3 anatomy in Elliott Waves parlance. If indeed TG-Hi imposes a significant resistance, then the EW pattern trader might potentially see a A-B-C retracement pattern back towards the GREEN dashed bullish trendline, which price used as its launchpad.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
---------------------
Twitter: @4xForecaster
---------------------
