W4 at it again. Probably the worst range to trade unless you scalp. Setting up now for a move higher to hit the target zones. Again as mentioned last week this should resolve itself by Tuesday 10:05-10:10AM.
Monday, June 29, 2009
Count Update
W4 at it again. Probably the worst range to trade unless you scalp. Setting up now for a move higher to hit the target zones. Again as mentioned last week this should resolve itself by Tuesday 10:05-10:10AM.
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I would not be surprised to see this taken all the way to the 76% retracement level.
ReplyDeleteGenerally, what I have seen is that a stronger W2 retrace, leads to a much more extended W3. Normally a W3 has a 1.618 ratio to Wave 1, however, it can go as far as 2.618.
Ok, enough of EW's, you all know how much I dislike using them as my only trade guide.