Trading Analysis based purely on Price Action as taught by Nial Fuller at www.learntotradethemarket.com. All I post here are setups which i see fit to trade win or lose.
Friday, 29 January 2010
Was that a expanded flat wave 4?
It looked like it. We even had a contracting triangle for Wave C of 4 but not sure. Out of the 3 main ratio analysis guidelines below only point (C) applied, the rest didnt.
A) wave c is 1.618 on wave a
B) wave b 1.236 or 1.382 length of wave a
C) wave c terminates beyond wave A by .618%
In any case, the count seems to be 4 of 5 of 1 of 5. Targets for the bottom could reach as low as 5090. I dont expect a extension of the 5th though as moves after a triangle dont usually last too long.
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