Tuesday, April 14, 2015

[IBB] update

In the backlink I modeled that IBB had peaked with a big spike and then had counted 4 waves down.  I was thus expecting a small 5th wave down before a bounce to the level of the prior 4th which I had established to be $363.



Instead, wave 5 of 1 down fell all the way to just above $333.  At least, I count it that way for now.  After that we got 3 waves back up which took us almost to 363 again.  That makes sense because the bounce target does not change simply because wave 5 extended.  So we ended up with a pretty deep vee 2nd.  It's still possible to get one more small wave up to the 363 level before headed back down but much higher than that and I will begin to strongly question this count.  If this count is correct we should expect acceleration downward because it will be a 3rd wave down which means it should move quickly per unit time.


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