LSE:LLOY   LLOYDS BANKING GROUP PLC ORD 10P
In a recent post I outlined my expectations for Lloyds and my bias remains. As you can see I am anticipating a combination correction. I have this in mind due to the wave extension which we experienced in early April. Whenever you have such an extended wave like this you should anticipate a complex correction (complexity always precedes or follows a wave extension). In this instance I have a W,X,Y correction. In a W,X,Y each wave will have a standard pattern, here I have W wave as flat correction (the is a Fibonacci relationship between wave A and C) and I am now anticipating a 3 wave move to bring Lloyds to the range lows. I'm currently long from the 0.786 and targeting the monthly.

Comments

This is super spot on! What's your target on the monthly?
Reply
Samrhum Shanayamody
@Shanayamody, I sold the July open (31.2). Currently assessing and looking for an entry for a swing. There's a nice channel that has been forming based on monthly price action trend lines (so I guess the big players are using these lines), but Lloyds has broken a quarterly order block, backtested and rejected, so I assume it goes to the next macro target (the 0.786). The question is how are you counting this from the move down in April (A,B,C or 1,2,3,4,5)? I'll do an update later on today. I'll wait for the reaction down there and see if there are some divergances forming on multiple indicators
Reply
@Samrhum, thanks for that!!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out