Posted Yesterday, 11:53 AM
Snippit, on 30 Jul 2018 - 1:55 PM, said:
The b-leg of minute wave ii top @ 260c with support from -ve divergence and fake 5-wave form.
Equal legs target of 227c.
Right or wrong - no charge.
SNIPPIT- in English please kind contributor
Best effort: Whilst we are listening for some pins to drop...
The would be b-wave is a corrective leg in the abc downward move, and it goes up (from 237 cents, on 27th). Yesterday it had a top of 266 cents and today it is up to 275 cents. So the b-wave grew some but the moves being made all have 3 legs.
This leans towards the pattern being overall corrective, even though it could fake a pass as being impulsive.
The -ve means negative and divergence between the RSI and the price plot is of interest because (when seen correctly) it has some 85% accuracy of pointing out the probability for a turn. Equal legs is when the a- and the -c legs of the abc pattern are equal.
Today the equal legs play has been shifted with a top of 275 cents and target of 236. The sideways action can go there if there is no real interest in a month end effort to sweep up the crumbs.