Support and Resistance Trading Forum

SP *PIC*
By:charleydan
Date: 7/8/2009, 5:05 pm

The sp finished an inverted -b- wave down on the chart as expected and labeled accordingly.

The pattern has broken trend line so a new wave is in process. I expect it to be an -c- wave as shown by labels on the chart.

It could go all the way back to trend line or wave -A- at appox. 928. If it is a flat or running wave--900 is target. Have to watch the pattern unfold to find target. My opinion is 928 but you know what opinions are worth. Something to be proven wrong to keep one humble.

those places marked retrace. That pattern needs to be studied. It helps this trader/analysis count waves. As it points to correction areas to be identified. You may be able to use them in some other way in your methods. As they are at the end of almost every run.

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