Prechter cites a lack of demonstrable pessimism, valuations that remain high by historical standards and an incomplete wave pattern down from market highs.
My current paradigm is that a five-wave pattern has just been completed, and so there is a chance for a correction of this latest move.
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Typically, if we are able to spot a five wave pattern in this move to the 38.2% level, then there is a fairly good chance that this resistance will hold.
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However, when we notice that a new five-wave pattern on the way up has surpassed the fourth wave on the way down, we recognize it as a powerful signal that the trend is changing.
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The wave pattern is echoed from the dial design to the sides of the case and even the diamonds on the bezel, which softly shimmer thanks to a distinctive snow-setting technique, which blends different sizes of gems.
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The 50 series employs a Charcoal gray ToC design, a stand with a chrome finish and a delicate wave back-pattern.
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By utilizing the Blender 3D creation suite (which was a first for Kumparak), Unity 3D engine and Qualcomm's Vuforia AR SDK, the result is an Android app that renders the 3D interior atop the random wave-like pattern -- visible once the door's removed -- on the TARDIS in real time (no pun intended).
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What is more interesting is this final fifth wave is showing a pattern that looks like a wedge-like formation, commonly known in Elliott Wave circles as a diagonal triangle.
Its movement looks like a regular sine wave function within pretty defined parameters, and this pattern has held true for the last 1200 days.
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The larger pattern we are following is a b-wave triangle, which likely has us now in the middle of the e-wave down to complete the triangle.
It has been my view since long that we are in this complex corrective pattern and now, we are almost at the end of the irregular wave B.
The weekly chart shows that FXE formed a continuation pattern early in 2012, as the break of support (line b) signaled another wave of selling.
As in the pattern with the dollar, we are unsure if we have bottomed in the a-wave in 3 waves down, or have one more low to hit to complete the a-wave in 5 waves.
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