Hi Rogozhin,
Glad to see fellow EW analysts on the site. I only just started reading and applying EW principles about a month ago so I still have a lot to learn.
Would you agree that we just concluded a flat bottomed descending triangle at the $436 mark? If so, do you see this as the end of the correction or is there still the possibility of a complex pattern shaping up?
http://i.imgur.com/BbhZhJ2.pngYes it is a flat bottomed descending triangle around $436, but we have not broken out yet.
Note that price has a difficult time passing the $400 mark due to heavy resistance. The last two times price touched $400, volume spiked up extremely heavily, signalling many buyers were happy to buy at the price and many sellers were required to sustain it. Since we have a very large descending triangle with a bottom around the resistance $400-436, I place a high probability on it breaking to the upside. That would be similar to the April bubble scenario, in which $50 was major volume resistance and price bottomed just above it at $68 during the capitulation.
