SIRI 3/7/2013 – Important Update!
Please be aware, it does not appear that Sirius XM Radio (SIRI) is in a Wave 1 of a new motive wave.
On the prior SIRI update, I had mentioned that SIRI had just completed a 5 wave motive wave to the upside, as seen on it’s hourly chart. It has, however this 5 wave motive wave does not appear to represent a new wave 1. Remember, wave 1′s always subdivide into 5 wave motive waves. Instead, it appears to represent a corrective wave b. Corrective B waves also can subdivide into a 5 wave motive wave.
As seen on the next chart, the 5 wave motive wave that started with the low of 2.55 and ended with a 3.25 print, appears to now be in the process of correcting. Based on the Fibonacci ratio of up days to down days, SIRI has approximately 9 days left to complete corrective wave c. There were 52 up days in waves 1-5, multiply that by .618% and you come up with approximately 32 days that should be down days. As of March 7, 2013, we are on day 23 of the corrective wave (waves a-c).
When I had previously though that SIRI was forming a new wave 1, I had not calculated the Fibonacci ratio of up days to down days. I am still working on the long term chart (SIRI from .05) to support why I think the $2.85 correction will happen before a $3.26 print. Check back later for that update.