In a recent post I outlined my expectations for Lloyds and my bias remains. As you can see I am anticipating a combination correction. I have this in mind due to the wave extension which we experienced in early April. Whenever you have such an extended wave like this you should anticipate a complex correction (complexity always precedes or follows a wave extension). In this instance I have a W,X,Y correction. In a W,X,Y each wave will have a standard pattern, here I have W wave as flat correction (the is a Fibonacci relationship between wave A and C) and I am now anticipating a 3 wave move to bring Lloyds to the range lows. I'm currently long from the 0.786 and targeting the monthly.
This is super spot on! What's your target on the monthly?
Samrhum
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@Shanayamody, I sold the July open (31.2). Currently assessing and looking for an entry for a swing. There's a nice channel that has been forming based on monthly price action trend lines (so I guess the big players are using these lines), but Lloyds has broken a quarterly order block, backtested and rejected, so I assume it goes to the next macro target (the 0.786). The question is how are you counting this from the move down in April (A,B,C or 1,2,3,4,5)? I'll do an update later on today. I'll wait for the reaction down there and see if there are some divergances forming on multiple indicators