Look beyond ordinary analysis
I have bitten the bullet with cable and changed the wave labelling over to the alternate count which I have harped on about so much.
as you can see in the hourly chart I am now expecting a rally into the 13600 area to complete wave ‘ii’ in black.
I have shown the fibbonaci grid which projects a final target in wave ‘c’ yellow of 13647
so that would be a 640 point rally form the price as I write this.
The form seems to be a simple zigzag correction upwards.
the wave structure for a zigzag is 5,3,5
I can count 5 waves in ‘a’ up
and 3 waves in ‘b’ down
So that predicts another five waves up in wave ‘c’ yellow.
On the ten minute chart I can clearly see a five wave advance off the low,
It is hard to count the decline in three waves but it is possible at a stretch.
I have labelled this structure as waves ‘i’ and ‘ii’ grey.
Again if the low has been established at wave ‘b’ yellow.
The risk at this point is about 53 points.
with the reward being about 600 points.
That’s about a 11.3:1 reward risk ratio.
For tomorrow I will be watching the critical low at 12957.
the outlook is higher in wave ‘iii’ of ‘c’ yellow.
2,095 total views, 8 views today
2,096 total views, 9 views today