GOL is still tracking nicely to the Elliott Wave count prior calculations. More on the initial count and post here.
Initially we were looking for 13.88 to be our first price target of resistance shown in this prior chart.
This has since proven to be the case, GOL has traded to a high so far of 13.92, and traded sideways to down, but in doing so also met the internal wave 4 projection of 13.639 exactly.
Since today GOL is correcting again, it is important to update the wave structure to the present time frame using the last price target met to best understand the price motion relative to the trade placed.
If internal wave 4 has been completed off the prior price calculations chart reaching 13.64 actual, then it would be nice to see what the internal waves of wave 5 of 5 might be.
Taking the actual price of 13.64 and projecting 5 waves to the parent target of 14.29, we get the following price projections below.
If the Elliott Wave count continues to be relative to the price motion in GOL, then the low just met this morning correlates to what could be the internal wave 2 low of 5.
Time will tell. I was thinking we may get a pullback to the parent wave 4 price of 13.25 to 13.35 again, as the prior pullback to this point was quite volatile on 3/25/11 and sometimes this can cause a retrace if market dynamics are not strong enough to press higher.
Either way, todays low so far is worth mentioning for shorter time frames projections.