We were expecting a sharp rise towards 58 levels to complete the wave (5) of [3] in our last post, and we have got just that. We have not yet scaled the 58 levels, also the internal structure is not conclusive of a completed 5 wave move. What we could clearly see is the trend is still up. But soon to be running into a resistance, we may see some sideways action in wave [4], before rising for one last time in wave V, for which the channeling guideline gives a target around 60 levels. The most we can take out from EWP is not to be on the wrong side of the markets, and that's possible with a sincere study of the EWP. And if you combine all the guidelines of the EWP with a mechanical trading system and momentum indicators, you have a potent combination of tools to tackle any kind of market.
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