...........BCON's Current Situation Made Simpler
After thinking about BCON's current situation more today (discussed in previous post, BCON's dramatic spike late last week appears to be a countertrend Wave B upcycle instead of a short term Wave 1 of a new monthly upcycle discussed previously), the downside gap at 1.42 should help to greatly simplify BCON's outlook (http://stockcharts.com/charts/gallery.html?bcon) this week.
If BCON starts to approach the downside gap at 1.42 from last Thursday (http://finance.yahoo.com/q/ta?s=bcon&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==), if it falls to 1.50ish, then it'll probably fill the downside gap at 1.42 (and probably also try to fill 1.14 and 1.07) and the cycle low at 1.40 from last Wednesday probably isn't a monthly cycle low.
But, if BCON doesn't approach the downside gap at 1.42 this week, if it bottoms (would be a short term Wave 2 cycle low) at 1.55ish+ (or if Friday's cycle low at 1.75 is a short term Wave 2 cycle low) then starts to rally strongly, then the cycle low at 1.40 from last Wednesday probably is a monthly cycle low.
Given Friday's bearish very large spike and the absence of a bullish inverse spike at 1.40 (last Wednesday's cycle low), which might be but probably isn't a monthly cycle low, see http://stockcharts.com/charts/gallery.html?bcon, one has to be cautious regarding BCON right now, until the Elliott Wave count clears up.
....... http://www.JoeFRocks.com/ .
If BCON starts to approach the downside gap at 1.42 from last Thursday (http://finance.yahoo.com/q/ta?s=bcon&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==), if it falls to 1.50ish, then it'll probably fill the downside gap at 1.42 (and probably also try to fill 1.14 and 1.07) and the cycle low at 1.40 from last Wednesday probably isn't a monthly cycle low.
But, if BCON doesn't approach the downside gap at 1.42 this week, if it bottoms (would be a short term Wave 2 cycle low) at 1.55ish+ (or if Friday's cycle low at 1.75 is a short term Wave 2 cycle low) then starts to rally strongly, then the cycle low at 1.40 from last Wednesday probably is a monthly cycle low.
Given Friday's bearish very large spike and the absence of a bullish inverse spike at 1.40 (last Wednesday's cycle low), which might be but probably isn't a monthly cycle low, see http://stockcharts.com/charts/gallery.html?bcon, one has to be cautious regarding BCON right now, until the Elliott Wave count clears up.
....... http://www.JoeFRocks.com/ .
posted by Joe Ferrazzano at
10:08 PM
