potential double top

19 ott 2015

price seems to fail under the neckline of the big daily's double bottom. price just finishing a troncated wave 5 that ends the first wave in major degree (failed at the 61.8% fibonacci expansion of wave 1, witch is a potential target for wave 5). even if the price can grow up in a short term (for a retest of andrews's pitchfork ?), i think that price will break the Elliot channel & follow the bearish Andrew's pitchfork (based on tops of wave 3, wave 4 & wave 5) till the strong support of 4490-4510 points (witch is also the 161.8% expansion fibonacci level, & the 50% retracement of the whole "big" wave 1). after this target, price should continue moving up.

momentum indicators :
- stochastic is crossing soon the overbuy line
- litle bearish divergence detected, & chartist wedge on RSI is going to break (& pullback). RSI moving average is very high