Yesterday we entered the top of our support zone at the 375 area, which is a 50% retrace of wave i up. The triangle halfway pattern PO and the 62% retrace comes in at the 355 area. This zone of support must hold in here to keep our wave 3 of III up channel intact. This is week #6 for our time line and with the 50% retrace down to 375 we should start to look for signs of some kind of bottoming formation to occur somewhere within our support zone.
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60, 30 and daily linear look.
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Our wave 3 of III uptrend channel, log scale.
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Bottom line here is we are finally approaching our support zone between 355 and 375 and the time frame is now in play with 6 weeks being about average for these types of corrections. We are not out of the woods just yet but we can begin to see some light from yonder break.
Peace…Rambus