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Figure Y1. Wave counting on the monthly chart. Variant 3-dt.
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Taking into consideration the depth of the price decline after the supposed horizontal triangle IV, we may suggest that so far only the development of the first wave [1] of downward diagonal triangle V has completed. At the moment supposedly correction [2] of V is developing.
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Figure Y2. Wave counting on 720 min chart. Variant 3-dt.
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In the framework of the accepted scenario upward correction [2] continues developing in the form of a triple zigzag and can reach the 110 mark. The area of projected values should be specified only after the completion of the supposed wave B of (Z) of [2].
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Figure Y3. Wave counting on 720 min chart. Possible alternate.
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The alternate variant of counting doesn’t rule out that wave [2] is completed in the form of a double zigzag and at the moment downward impulse (A) of [3] of V is developing.
We have to wait for the confirmation of one or another scenario.
For more detailed wave counting on smaller time-frames and parameters of possible trading plans refer to daily reports.
Reference
Dmitry Voznuy
forDmitry@yahoo.com
July 26, 2008
When using any part of the article for publication or analytical materials reference to the author and Alpari is obligatory.
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