Long term outlook: Up
Medium Term Outlook: Down
Short Term Outlook: Sideways to Up
Medium Term Revision Point: Break above 21.31
Potential Medium Term Target: 8.45 and lower
During the last week, we saw the price rise in a corrective formation, as we had expected in our last week’s report. However, the correction seems too short – in time and price – to be considered as a completed fourth wave correction. In our main image, we have, therefore, marked the February 12, ’10 high as a possible completion of wave a.4, rather than as a completed wave 4. With wave a.4 at or near its completion at the February 12, ’10 high, we would expect an intermediate downward ward move for wave b.4, before we embark upon the wave c.4 rally to possibly complete the correction.