This chart supplements the commentary that I made last night. The price action from the low is choppy and contains wave overlap. That's a corrective move that when complete, will be fully retraced? I've labeled the wave structure from the low as a completed w.(iv) ? but given the shallowness of the retracement, i.e typical forth wave corrections retrace to the .383 retracement, I don't want to get faked out. Therefore waiting for a break of w.x confirms that w.(iv) has completed and another round of selling will occur.
From last night's post I cited 1300 -1303 as a target area to complete w.(v). If w.(iv) is complete,
w.(v) = .382 w. { (i) - (iii)} at 1303.25.
Trade above 1313.75 opens the door for a test of the previous forth wave and the .382 retracement level. Let's see what develops.
Best of Trading
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