Monday, January 11, 2010

Triangle?

I think I figured out why this correction is not meeting my expectations. It is making a traingle. If you look at a 4 hour chart begining on 12/30/09 at 04:00 you should be able to see this clearly. Although it has been frustrating to this point figuring it out, Im pretty sure that is what it is doing. The good new is that triangles are 100% accurate in their predictive capabilities. Once this thing finishes 5 waves ending in an E wave in the long direction it should make a final move short for perhaps as much as 600 pips before making a significant retrace long. If my triangle scenario is correct the current short move should stay above 1.5895 before moving long again and that long move should stay below 1.6192 to keep this scenario intact.


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