Thurs 6th March
I believe we are hitting the bottom
You will note the following positives on the charts suggesting a retrace up or could be the start of a complete turn around (wait for the first decent size waves 1/2, i/ii up), we will see.
1. There is a decent divergence on the 4hr chart
2. On the 3day the bcurrent bar is completely outside the bottom bollinger band suggesting it is exhausting itself ) or greater than 2 standard deviations for the norm)
3.On the 4hr chart its is hitting a support range
4.On all time frames of the Stochastic it is on the bottom
Whats important now is to see a reasonable turn around. So I will be looking for a complete 5 waves up to form a larger W1 and the after that then retraces for W2 and starts to climb of it I will the make a decision to add to my position to average it down or to make back any losses and then re establish a new position.
Well that bdidnt go as well as we all wanted, however as many have stated here before that they feel a turn around will occur and this has just extended te time frame it will happen in. Now that we have seen the big 3rd wave down in what is a C wave, after this retracment up we should see it dron to 9.50 region before it starts any kind of climb (which is exactly what Bell porter put as the near fututre target).
25th Feb chart update
So on the 3 Day is the GOOD News bullish outcome & on the 1D is the BAD news bearish outcome.
I beleive IEL/IDP is already in a beaten down state, so if managemnet has kept cost tight and no major bearish changes, then I think we should see it rise. So we wait for the news.
Quick update on the Chart. The recent low broke just below to one before resulting in everything being moved. So the most recent low is now W2. It now looks like the below pic
