The backlink model is essentially unchanged even if wave 2 extended up a bit more than expected on Friday. My current model is below. We will know wave 3 up has likely begun if and when the chart makes a higher high than green 1. But a 5 wave move down to the level of the prior 4th which is also the 38.2 fib suggests that a strong buying opportunity has presented itself for the wave 3 up that will likely follow.
Saturday, February 21, 2015
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