Daily chart of ABX:
Here is a daily chart of ABX with some possible scenario's:
teleport.com
(this chart will disappear in a few days.. Sorry if this
creates a inconvenience)
This is a longer term look with upside resistance areas
and downside support areas. The numbers (1,2,3,4,5) are
used to describe waves.. I'm not an Elliot wave fanatic,
but it does give me, and others like myself, a set of terms
to describe where we believe a stock/indices/future is
currently trading. If I say we are in Elliot wave 5 that only
means that the stock is in a topping (bottoming) pattern and
due for a selloff (move up).. Also A,B,C descriptions are used
and is a common way of describing trading patterns.. Often,
Selloffs will look more like A,B,C's and rally's will look like
1,2,3,4,5.. No magic or guru stuff here, just a set of terms
so we can use a common terminology to communicate..
The daily chart, for ABX, is describing this as a EW3
(Elliot wave 3). EW4 looks to be starting (just an observation)..
The short term trend line is "hopefully" support. And will stop
EW4's move down so EW5 can go to new highs..
I also want to add that many EW5's can eventually become EW3's..
Confusing? Yep!!..
Also, I want to say that my style is very short term. I love to
trade "on a daily basis" so my previous thoughts were based on
my timeframe.. I give this chart for those who have a longer term
investment horizon..
Hope everyone's Easter is wonderful!
Ross |
