649bruno
Short

TLT: Is A Bullish 5 Wave Pattern Now In Three Corrective Waves?

NASDAQ:TLT   Ishares 20+ Year Treasury Bond ETF
41 0 3
Has TLT             completed a bullish five wave pattern?
On the above chart I give you the details of the technique I use with the five wave pattern and a .618 Fibonacci multiplier.
To predict the end of impulsive fifth wave in a bullish trend with a 0.618 ratio, you should apply the following formula - SIX EASY STEPS:
1. Determine your 5 wave starting point; 2. Determine end of impulse leg one; 3. Subtract start of impulse leg one from end of impulse leg one (This is $ 14).
4. Multiply this number (the $14) X Fibonacci ratio .618. This equals approximately $ 8.65. 5. Determine the end of impulse leg three.
6. Take this value (end of leg three is $126.30) and add the Fibonacci amount from step four ($8.65). This is the projected end of impulse leg five, or $134.95.
The actual pivot point came in at $134.60, but I estimated this value way back at the end of impulse leg three.
I hope this has been a technique that you will use. This simple formula can alert you to key turning points.
One last thing. If the move is especially strong, you can also use Fibonacci 1.618 in step four.
Or, you can use this technique with the Fibonacci computer tools that draw these levels. But I feel it's always good to do it manually also.
It helps you to read structure and identify patterns.
Today I will close with a quote from Steven Wright: “I saw a bank that said “24 Hour Banking”, but I don’t have that much time.”
I hope this has been helpful, entertaining, and informative. My word is my BOND (yes, a bad pun). May all of your trades go well. Don.
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