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Tuesday, February 16, 2016 11:50:47 PM
I could be wrong here Heavy, but I think the longer term prospect for downside is still valid.
I don't see these very often but there is an Elliott Wave pattern know as an expanding flat. It starts with two 3-wave movements and then wraps up with a final 5 wave movement back up. It's notorious for handing traders their butts because it makes a slight new low that makes traders want to short it and then it swings right back up again.
The new high makes traders want to go long and then it collapses back into the larger downtrend again...stops them out both ways.
With the 5 wave count completed here on the 15 minute, I'm seriously thinking this is what we have. So right now, I'm looking for a move back up to just above 163.54 by the same amount that it broke below this last low.
After that, I think the larger downtrend kicks in again tomorrow.
TP on this long set for 163.50.
I don't see these very often but there is an Elliott Wave pattern know as an expanding flat. It starts with two 3-wave movements and then wraps up with a final 5 wave movement back up. It's notorious for handing traders their butts because it makes a slight new low that makes traders want to short it and then it swings right back up again.
The new high makes traders want to go long and then it collapses back into the larger downtrend again...stops them out both ways.
With the 5 wave count completed here on the 15 minute, I'm seriously thinking this is what we have. So right now, I'm looking for a move back up to just above 163.54 by the same amount that it broke below this last low.
After that, I think the larger downtrend kicks in again tomorrow.
TP on this long set for 163.50.
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