Great positive move in market
Although it formed a trend still its too early to call for short as there is a strong keylevel reistance zone above
PLUS, RSI+Sto suggests it has not over bought yet so lets and see
Here's another chart from the UK markets this morning that could be viewed as constructive with a decent rally off the lows of nearly 25% in the week. This is a popular investment trust for UK investors. The count seems quite possible although my 5 wave count down for the C wave is a bit tenuous but with all that's going on I shall be watching this count carefully...
As far as corrections go it is not a long one or a deep one so we are just looking at possibilities here. However, it is possible that mining could go on a tear from here as long as it doesn't turn into a much longer correction. As always, price will confirm one way or another.....
This count shows a long and complex wave 4 correction coming to an end on the 38.2 fib retracement. With precious metals showing some decent upside recently and even industrial metals showing some signs of a bounce then I shall be watching for any further signals that the mining stocks are starting to follow along.
As ever, there are lots of possible counts here but I liked this one because the fib numbers all headed to one level here. Am not expecting it to head there in a straight line although that's what it's been doing up to now. The impulsive nature of the move up from early December might also suggest that we have embarked on a wave 3 here. Also, a more conventional...
