Long Term play is a Gartley Pattern for the next year or so. The point B hit the .618 area in December, indicating we should now see a long corrective grind up to B (pink/yellow) label. Then continue lower in the long term time frame.
But at this time we are looking for a nice retracement up.
This should be a choppy upwards retracement of the huge sell off from October highs. If we can get another dip lower as shown inside the triangle, we may find a nice "greedy" buying opportunity. Low risk down at that level.
The low Set in Dec is a key price to watch. Breaking that low invalidates the trade set up.
The proposed ABC up consists of smaller abc's inside each wave.
The first "a" up has been completed. We are now in a sideways consolidation forming the triangle, as in a small b wave. We are now looking for a nice little c (or e) inside the triangle for better prices. If we can get that low price, then we can expect the c wave up to complete the first A wave up as shown.
Of course as we play these choppy upward/ downward moves, the final completion should be around the Pesky Gap! sell zone, sometime this Fall to top out in a Big B wave as shown in large (pink/yellow) labels.
Lets keep an eye on this one :)
But at this time we are looking for a nice retracement up.
This should be a choppy upwards retracement of the huge sell off from October highs. If we can get another dip lower as shown inside the triangle, we may find a nice "greedy" buying opportunity. Low risk down at that level.
The low Set in Dec is a key price to watch. Breaking that low invalidates the trade set up.
The proposed ABC up consists of smaller abc's inside each wave.
The first "a" up has been completed. We are now in a sideways consolidation forming the triangle, as in a small b wave. We are now looking for a nice little c (or e) inside the triangle for better prices. If we can get that low price, then we can expect the c wave up to complete the first A wave up as shown.
Of course as we play these choppy upward/ downward moves, the final completion should be around the Pesky Gap! sell zone, sometime this Fall to top out in a Big B wave as shown in large (pink/yellow) labels.
Lets keep an eye on this one :)