We have alerted to the fact that an expanded flat pattern is a viable alternative. Quote from Sunday evenings report, "... since 2/18 we've moved down in a 3 wave sequence, since 3/16 we've moved up in a 3 wave sequence based on overlapping structure. This leads us to thinking that the expanded flat is a viable alternative and we've now down wave 1 down and wave 2 up and we are on the cusp of a fast moving wave 3 down to kickoff the harsh downdraft that typically occurs in an expanded flat". Here is an alternate Fibonacci projection to watch for. Keep in mind that overall volume has been light which is more synonomous with a correction at this point.
Technical Analysis for the Serious Market Technican!
Contributors to FXStreet.com
Monday, May 16, 2011
ES Alternate
We have alerted to the fact that an expanded flat pattern is a viable alternative. Quote from Sunday evenings report, "... since 2/18 we've moved down in a 3 wave sequence, since 3/16 we've moved up in a 3 wave sequence based on overlapping structure. This leads us to thinking that the expanded flat is a viable alternative and we've now down wave 1 down and wave 2 up and we are on the cusp of a fast moving wave 3 down to kickoff the harsh downdraft that typically occurs in an expanded flat". Here is an alternate Fibonacci projection to watch for. Keep in mind that overall volume has been light which is more synonomous with a correction at this point.
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