$JSEIMP - Impala Platinum: 6430 Invalidated, Now What?
See link below for previous analysis.
The bears re-emerged and took price below 6430.
My conviction was not great that this would be thee bottom.
This is the beauty with the EWP, you know when you are wrong.
An update of the wave count shows the decline from 10129 to 6430 as an ending diagonal for wave of wave 3 and the bounce as wave 4.
The entire decline from 23889 is an extended impulse which is now in its fifth and final move in wave 5.
Caution: in commodities, fifth waves can be very large, even larger than third waves. I do not see that being the case here as wave 3 is extremely over-extended.
How much lower the stock can go is anyone's guess but at current levels I believe the stock could be very close to a bottom so I will not look for shorts.
The bears re-emerged and took price below 6430.
My conviction was not great that this would be thee bottom.
This is the beauty with the EWP, you know when you are wrong.
An update of the wave count shows the decline from 10129 to 6430 as an ending diagonal for wave of wave 3 and the bounce as wave 4.
The entire decline from 23889 is an extended impulse which is now in its fifth and final move in wave 5.
Caution: in commodities, fifth waves can be very large, even larger than third waves. I do not see that being the case here as wave 3 is extremely over-extended.
How much lower the stock can go is anyone's guess but at current levels I believe the stock could be very close to a bottom so I will not look for shorts.
