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Stig Olausson wrote:
>
> It looks like a inverted H&S pattern is developing in March Sugar.
> Therefore
> I am contemplating entering a trade Monday
> Potential in H&S pattern = 12,90
> Today 12/26 is an astroday, which sometimes coincide with Trendchange or
> Break outs.
> So what will it be Monday? B/O or Acceleration?
My interpretation of the wave count for May Sugar would lean toward
another leg down from here....
The overall pattern looks like a clear 5 wave impulse sequence that may
well
have ended on Dec 1, just a few ticks short of the ideal .618 target of
12.47 with the high being 12.45.
Wave 4 was a very clear .382 retracement
Wave 5 shows a clear minor 5 wave impulse pattern being complete ?
Following a 5 wave impulse pattern my Elliott guidelines would call
for a move down to be greater in time & price than any "corrective"
swings of similar degree. With this in mind I would expect this down
move to unfold into a minimum a-b-c and the recent move down to 11.81
may well be "a" and to expect another leg down "c" which could test
the lows at wave (4) at 11.50 area ??
of course this is just my opinion :)
Alan Sears
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