This pop higher on the Fed minutes may be enough to put the finishing touches on a minor corrective wave higher. There is a confluence of wave relationships near 1.1308-1.1340.
Therefore, we are anticipating another down leg of similar proportion (or greater) than the Sept 18-22 move (350 pips). That would place an initial zone near 1.1000...a nice round number.
Sentiment is -1.45 and hasn't moved much over the past few days. It's not a real extreme figure.
If prices do bound higher out of this price zone, the next level of resistance is 1.1380-90.
Happy Trading!
- 61.8% of the Sept 18-22 down trend = 1.1323
(c) = (a) = 1.1317
Blue corrective channel trend line = 1.1340
Wave y = .618 * w = 1.1308
Therefore, we are anticipating another down leg of similar proportion (or greater) than the Sept 18-22 move (350 pips). That would place an initial zone near 1.1000...a nice round number.
Sentiment is -1.45 and hasn't moved much over the past few days. It's not a real extreme figure.
If prices do bound higher out of this price zone, the next level of resistance is 1.1380-90.
Happy Trading!
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
