Read Ramki’s ELliott Wave Analysis of Caterpillar at MarketWatch posted today 26 April 2012
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BHP went down to $68. Then bounced back to almost $74. Are you still predicting of $55 target?
Hello Jayant, To be successful using EWP, we should avoid using terms such as predict! We are anticpating is a much better word! Semantics aside, the C wave should be a lot quicker than what we are seeing now. Hence, it is likley that we will see a moderate recovery. If that recovery is slow, then there is all the more reason we should see BHP come off later on. Remember one thing. Either we will go up now as a 3rd wave, and you know how 3rd waves should look like, or we complete a complex X wave and then come off. You can gain confidence by looking at the personality of any upmove going forward. Use the guidelines suggested in FWTFF book to figure out possible end points for the X wave. Good luck.
Ramki,
CAT’s bouced off the $98 mark and BAC is at the $7.75. So far you are right on.
I am looking ahead with anticipation.
Thanks,
Karuna
Hi Karuna, Fasten your seat belts!
Hi Mr Ramki can you please post an update on CAT. Also any update on when your next book is coming. Thanks.
Pooja, In my book FWTFF, I discussed the concept of reflex point. This comes at 87.25 or so. If you see a 5 wave move that exceeds this point, perhaps you can buy on a 50 to 62% retracement. About my second book, I really dont know. Thank you for your enthusiasm about it. Keeps me also interested in the idea!