MMXM3 - Ondas de ELLIOT

AlphOmega Commentary

for

MMX MINER   ON          on 13/12/2010

Open 11,60, Low 10,96, High 11,73, Close 10,96 Change -0,59
Please note that all wave counts are based on the high low price in this commentary!


  AlphOmega Elliott Waves HV v1.1 has confirmed a new wave of normal (21%) amplitude. This wave is labeled as a  bullish wave 2, this particular wave being a corrective wave from the pattern.

The present wave patterns are:

fast amplitude (8%): bearish wave 3

moderate amplitude (13%): bearish wave 1

normal amplitude (21%): bullish wave 2

slow amplitude (34%): is undefined!

MMX MINER   ON          is long term Bullish as the 144 days moving average of 12,35 is increasing. The Relative Strength Index is at 29,86 in the oversold territory. The Relative Momentum Index is at 27,30 in the oversold territory. An important indicator for Elliott waves, the Elliott oscillator is at -1,12, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 14,91. This value is in the oversold territory.

AlphOmega Elliott Waves HV v1.1 has detected a Gann Swing or Pullback that is usually a bearish pattern! It should be used with other indicators.

Weekly Pivot Point Resistance and Support

The first weekly resistance level is at 12,42 while the second resistance level at  13,29. The first weekly support level is at 11,02 while the second support level is at 10,49.

Additional information not directly related to Elliott's methodology

Tomorrow's projected High: 11,35, the projected Low:10,58. The top 21-day Bollinger band is at: 14,44 while the bottom 21-day Bollinger band is at: 11,03.