I believe that the 5th of the impulse wave is already done and we are about to see the corrective waves. The price is holding above the support from August. We may see the price heading back to the today's pivot.
After the completion of Wave 5 of wave 3 (From my previous trade set up). Wave 4 correction is on it's way. Break of the trend line confirms the completion of Wave 4. Sell at the break out.
Break below the wedge confirms completion of Wave (A) (of larger Wave C from Weekly correction Pattern) This will start Wave (B)
Primary count is that wave (b) is yet to complete with one more five waves push lower. Alternate count if the price pushes high is: Wave (b) completed and wave (c) in progress with five waves push higher.
Wait for breakout of triangle. If upward, we should see the C wave reach at least 1.11445
Idea is based on Elliott wave theory. Fib extensions are used for target identification. Stochastics used for wave recognition. More info (including target/stop loss) on the chart. Good Luck
So today i decided to look at some more stocks; and here we see TJX inc. This company owns TJMaxx Marshalls and HomeGoods in The US. In their charts we see a forming cypher pattern with the C point resting around $70 a share. Now usually i wouldn't want to trade this over this long of a term , but i have a few things going for me here. The first is a dense...