Support and Resistance Trading Forum

Dollar Down-- *PIC*
By:charleydan
Date: 8/1/2009, 5:31 pm

The last fractal across the chart is in the vicinity of 77.41. 73.30 is the next support after that.

This is the fifth or last wave down is how I see it from the 4/22 high.

A minor fourth wave has just been formed within this fifth wave, but may not be complete. It has made an 50% retracement a common characteristic of fourth waves.

But fourth waves also have a common characteristic of an -abcde- pattern. Only if wave -2- is flat are waves fours sharp is the principle. Wave -2- was sharp in my opinion with an .618 retrace.

So before I look for a low. I want the market to tag the outerlines going down. That should indicate where wave four is at. That will indicate the end is very, very near.

ONLINE COMMODITIES TRADING