Price is behaving correctly. It fell hard today. I am starting to look out for the wave b upmove now
Price has not fallen to the 13 as I thought it would. However on looking at the charts a triangle instead of the abc correction is in play here. This means to me that price will move sideways for a little while and then take off to the upside towards 16.00. I am now looking to get long around 14.00 area for the upmove. Not 13.00. So the plan is still in play only the retracement type and depth has changed
Hi Paul. I am leaning to the idea that the correction is now over because of today's price action. There is a small case for the possibility that the triangle idea has a small( d) and a truncated (e). If this is so then price must take out the low of today's candle and it must now rally hard to give us the thrust out of the triangle structure
I would have lived the boundaries to be converging to make a wedge or an ending diagonal. However it still a credible possibility. If this plays out then the upside is limited. Its all about the options and letting price action point out the right one.