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soccer5

244 Posts.

3

05/06/17

12:21

Post #: 25099929
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Originally posted by soccer5 ↑

Hi Orwell,

Thanks for the update and wonderful TA.

I'm attaching a Monthly chart for another stock that you have commented on - SIM.

Looking at the big picture, it appears that it is on the way up and has blue sky to the left so it could run for a good while.

However, when I start trying to make sense of your EW's and cycles I'm not so sure and that where's some guidance from you would be greatly appreciated. I have studied EW and cycles but my knowledge is not that solid.

If I got this right, as the retracement appears to be a clear ABC, to confirm an uptrend we need to see a Close above where it is now, perhaps around the 15.50 area. That would be wave 1.

Then if wave 2 starts, you suspect it may come down to touch the $10- again, i.e. 61.8% Fib from $6- to $15.50. At that new potential support level of $10-, it could be worth an entry, subject of course to what the Price does.

Am I on the right track?

Thanks Orwell.

soccer

View attachment 601404

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Correction: should have read SGM - for SIM's Metals

XMD Value at posting: 6,242.7
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