It seems that Tesco has completed its five waves up in August and since hen has been doing a correction pattern. As for what the correction pattern is we have to look further. Which of the pattern I've drawn on the chart looks more accurate?
Great idea on Tesco. For our set up, we have identified major resistance and support levels. Price is currently testing our first support at 195.2 which is made up of 61.8% Fibonacci extension , 76.4% Fibonacci retracement and a horizontal swing low support. We found a major resistance at 220.6, which is made up of 38.2% Fibonacci retracement and a horizontal swing high resistance. Stochastic is testing its support at 2.5% and we might see a corresponding rise in price should a bounce occur. Please take a look at our idea and let us know what you think.
porden
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Now that I look at it, it seems that we should short it in either case