for the chartists, page-5

For the time being I am sticking with my 5-3-wave hypothesis posted just over a week ago...

5 waves up hit resistance provided by open gap dating back to March 7. We are seeing the completion of 3 waves down at the moment. If this holds then we can look forward to another 5 wave cycle northwards after some consolidation at the present level.

One could speculate if the next 5-3-wave combo will deposit us above the 90cps resistance and therefore confirm the double bottom observed by Jetson.

In my view fundamentals are still good enough to remain bullish.