Support and Resistance Trading Forum

Re: Grains and meats/ Charlie Dan *PIC*
By:charleydan
Date: 7/16/2009, 10:15 pm
In Response To: Re: Grains and meats/ Charlie Dan (blu)

Blu--
The crux of this analysis is the -b- wave in the middle. Without that recognition--I am not sure what pattern this is.

I want to call it an -b- pattern.

If this is the high at just below a=c

That would leave two targets at either line on the chart. The upper would be a flat -abc- and then higher. The lower would be a sharp .618 and then less higher.

The flat wave -abc- pattern would indicate the gap for target.

Now the market may make one more little jump here. An if it can get above that center line. It should hold it. Then your numbers are valid and most likely close to 1.618@69.75 which has .618 @69.05.

And most patterns end by one channel line or the other. Not in the middle of the channel. So I favor up till it hits the other channel. One exception to this rule is the flat -abc- I described above. It just breaks channel and then resumes trend.

Or it wll move sideways to slightly up here to the lower channel line to break out.

The market is at a crucial juncture to watch.

Hope it helps.

Responses To This Message

Re: Grains and meats/ Charlie Dan
blu -- 7/17/2009, 7:34 pm
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