imminent correction in ncp...

  1. 436 Posts.
    Hi all,

    Just a little Elliot-theory prediction for anyone who's interested...

    NCP appears to have just completed a very reliable ending pattern (ie, it signals the end of the larger wave structure).

    From a low of $9.19 on Tue 11 March 2003, NCP has been in what looks like an ugly corrective pattern. Most corrective patterns end in a 5-wave impulse (even for NCP).

    Now, from the low of $10.88 on 20 May 2003, NCP appears to have traced out a 5-wave impulse to the high of $12.18 yesterday, 12 June 2003.

    Within that 5-wave impulse, the 5th wave looks very much like an ENDING DIAGONAL. An ending diagonal is a termination pattern for the larger wave structure.

    Moreover, if the 5-wave impulse since 20 May 2003 is in fact an impulse, then the 5th wave MUST NOT go above $12.20 (because wave 3 is not allowed to be the shortest).

    So, if this assessment is correct, then NCP CANNOT go above $12.20. If it does, the assessment is wrong.

    If this assessment is correct, then NCP is just now starting a decline to AT LEAST below $10.52 (the start of the waveform which the ending diagonal appears to be finishing), and I'd guess probably also below $9.19 (the start of this whole ugly correction)...

    ... IF the above assessment is correct. I'm now looking for a convenient entry point, but will abandon the position completely if NCP gets above $12.20.

    Regards,

    Ultrafart.
 
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