UPDATE 31 JAN 2013
ORIGINAL - 10 April 2013
Starting with monthly trend channel
Prices have worked through resistance into upper channel and should work their way to the upper D internal parallel where resistance is expected.
We can see from M012 that prices are moving towards the ML. We can see W1 made the ML but W2 did not make the MLL - however the M012SP contains the full price swings where the ML was overshot and completed an expected amplitude.
D1 did not make W012ML - warning that D2 may fall below W012MLL.
Also to add to the CAUTION we can see how prices moved in relation to W012SP to D2!
RETROSPECTIVELY we can see D1 on the at the W trend channel UIL (Upper internal parallel) and D2 was made on the lower trend channel parallel. From M012SP this may be that D1 and D2 are Weekly pivots as we almost have an amplitude of M012SP to D1 - CAUTION.
Assuming D1 and D2 as shown, Prices have worked their way through D012ML amd are expected to make D012MLU. d1 never made the ML and hence CAUTION this may be c1 and we are in an extreme d wave, especially considering d2 did not fall below the MLL.
We can see that we are still in a d uptrend and prices are moving within the d012 channel.
Prices have worked their way back ti the MLU from d4, however never made the MLU, and the correction never made the MLL, and hence are c1 and c2, putting us in wave c3/d5/D3/W3/M3. The ideal wave target projected a few weeks ago can be seen.