Based on the descending triangle you have shown in the
newsletter and it being wave 5 can you predict what the target area
is for this wave if it were to breakdown on the downside ?
Posted by dodgerdog on 23rd of Jan 2009 at 08:34 am
My initial target area on a breakdown would be SPX 760-775 area
- should it bounce around this area then it could be Wave D of our
larger triangle scenario with a Wave E up to follow which should
retrace 1/3 - 2/3 of Wave D before moving down again. A break
below the November lows would confirm that Wave 5 was
unfolding.
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Triangle Measurement
Posted by frank on 23rd of Jan 2009 at 05:01 am
Hi Matt,Steve,
Based on the descending triangle you have shown in the newsletter and it being wave 5 can you predict what the target area is for this wave if it were to breakdown on the downside ?
My initial target area on
Posted by dodgerdog on 23rd of Jan 2009 at 08:34 am
My initial target area on a breakdown would be SPX 760-775 area - should it bounce around this area then it could be Wave D of our larger triangle scenario with a Wave E up to follow which should retrace 1/3 - 2/3 of Wave D before moving down again. A break below the November lows would confirm that Wave 5 was unfolding.