Looks like a x-wave up today. So took of 2/3
Chart a little messy I know but... we should see a down to yellow c
But as always...time will show
Safe trading ladies & gents!
Music at work:
The swing from Point A will terminate at Point D. This will be at the 0.618 or 0.786 retracement level of Swing XA 75% of the time. The other 25% of the time the retracements will be 0.362, 0.50, or 0.707. A 0.50 retracement is a strong pattern.
There “should” be an CD = AB pattern observed in the move from A to D. At times CD may equal 0.618, 0.707, or 0.786 of AB. At times CD may equal 1.272 of AB.
The BC move will typically be 0.618 or 0.786 of AB. In strongly trending markets expect only a 0.382 or 0.50 retracement.
Analyze the time frames from Point X to A and A to D. These time frames will also be in ratio and proportion. For example, assume that the number of time bars from Point X to A is equal to 17 bars and the time bars from A to D is equal to 11. Eleven is approximately 0.618 of seventeen.
There will be a few instances where the CD = AB move will give a price objective at Point X. This will be a true double bottom or double top formation.
If Point X is exceeded the trend will continue to move to at least 1.272 or 1.618 of the X to A move.